Question

I got the FIFO correct, but keep getting the wrong numbers for LIFO and Average-Cost. Rounding errors? Idk, please help.

Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $1,495 Sept. 12 Purchases 118 5,310 Sept. 19 Purchases 5,831 Sept. 26 Purchases 3,000 Totals $15,636 Additional data regarding the company's sales of EZslide snowboards are provided below. Assume that Blossom Company uses a perpetual inventory system. Date Units Sept. 5 Sept. 16 Sept. 29 Sale Sale Sale 0 10:27 acer

Answer 1

FIFO $3,595 LIFO $3,566 Average Cost $3,579 The Ending Inventory Workings: LIFO - perpetual Inventory Balance Purchases Cost of Goods Sold Cost of # of Cost # of units Cost per units per unit sold 1 unit sold goods #of units Cost per Inventory unit Value Beginning Inventory - sepetember 1 Sale - september 5 Purchase - september 12 $115.00 $920 45 $118.00 Sale - september 16 45 4 $118.00 $115.00 $5,310 $460 Purchase - september 19 49 $119.00 13 5 5 45 1 0 1 49 1 49 25 1 29 0 30 $115.00 $115.00 $115.00 $118.00 $115.00 $118.00 $115.00 $119.00 $115.00 $119.00 $120.00 $115.000 $119.00 $120.00 $1,495 $575 $575 $5.3101 $115 SO $115 $5.831 $115 $5,831 $3.000 $115 $3,451 Purchase - september 26 25 $120.00 Sale - september 29 25 20 $120.00 $119.00 $3.000 $2,380 $0 102 $12,070 $3,566 Average Cost - Perpetual Purchases Cost of Goods Sold # of Cost # of units Cost per Cost of goods units per unit sold unit Purchase Inventory Balance Cost of God Perpetual Average #of units Cost per Inventory unit Value sold Beginning Inventory - sepetember 1 Sale - september 5 Purchase - september 12 8 $115.00 $920 45 $118.000 Average cost Sale - september 16 Purchase - september 19 49 $117.70 $5,767 49 $119.00 13 5 5 45 50 1 1 49 50 50 25 75 30 30 $115.00 $115.00 $115.00 $118.00 $117.701 $117.70 $117.70 $119.00 $118.97 $118.97 $120.00 $119.32 $119.32 $119.32 $1,495 $575 $575 $5,310 $5.885 $118 $118 $5.831 $5.949 $5.949 $3,000 $8.949 $3,579 $3,579 Average cost Purchase - september 26 25 $120.00) Average cost Sale - september 29 Average cost L L $119.32 45 102 $5,3691 $12,057