Question

urrent Attempt in Progress Blossom Company sells a snowboard, EZ slide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic Inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $115 $1.495 Sept. 12 Purchases 118 5,664 Sept. 19 Purchases 6664 Sept. 26 Purchases 2.760 Totals 140 $16,583 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average cost methods. (Round average cost per unit to 3 decimal places, . 125. 153 and final answers to decimal places, 125) FIFO LIFO AVERAGE-COST The ending inventory at September 30S

Answer 1

Calculate the requirements as follows: А В FIFO Ending Inventory 1 2 Units Beginning Pucrhases - Sales 3 23 units@120 4 13 units@119 36 2760 1547 5 4,307.00 6 LIFO - Ending Inventory 7 8 Units Beginning Pucrhases - Sales 9 13units@115 10 23 units118 36 1495 2714 $ 4,209.00 11 12 Average cost- Ending Inventory 13 14 Average cost per unit 15 Units Beginning + Puerhases - Sales 118.45 36 S 4,264.20 16 17 18 Cost of Goods sold 19 FIFO $12,276.00 $12,374.00 20 LIFO 21 Average Cost $12,318.80

Calculations: В А FIFO -Ending Inventory Beginning +Pucrhases - Sales 140-104 - 23*120 - 13*119 =SUM(B3:B4) 1 2 Units 3 23 units @120 |13 units @119 4 5 6 LIFO -Ending Inventory 8 Units Beginning Pucrhases - Sales140-104 13*115 - 23*118 7 913units@115 10 23 units@ 18 SUM(B9:B10) 11 12 Average cost - Ending Inventory - 16583 /140 15 Units Beginning Pucrhases - Sales140-104 =B14* B15 13 14 Average cost per unit 16 17 18 Cost of Goods sold - 16583-B5 - 16583-B11 - 16583-B16 19 FIFO 20 LIFO 21 Average Cost