Question

Return to Blackboard S Kimmel, Financial Accounting, 9e Help | System Announcements IS nment 4 BACK CALCULATOR NEX PRINTER VERSION Question 2 Bridgeport Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts, Below is information relating to Bridgeport Corp.'s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Bridgeport Corp. uses a periodic inventory system. Explanation Unit Cost Total Cost Date Units $ 1,224 $102 12 Inventory Sept. 1 45 105 4,725 Sept. 12 Purchases 6,042 Purchases 57 106 Sept. 19 2,568 107 24 Sept. 26 Purchases $14,559 138 Totals (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, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) AVERAGE-COST LIFO FIFO The ending inventory at September 30 $4 %$1 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methöds. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) AVERAGE-COST LIFO FIFO Cost of goods sold %$4 $4 LINK TO VIDEO LINK TO TEXT Version 4.2- 8:24 PM 2000-2020 John Wiley_& Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. acy Policy 1/16/2020

Answer 1

FIFO METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Sept , 01	Beginning inventory	12	$                      102.00	$                          1,224
Purchases
Sept , 12	Purchases	45	$                      105.00	$                          4,725
Sept , 19	Purchases	57	$                      106.00	$                          6,042
Sept , 26	Purchases	24	$                      107.00	$                          2,568
	Goods Avaiable for sold	138		$                        14,559
	Sales				12	$          102.00	$             1,224
					45	$          105.00	$             4,725
					45	$          106.00	$             4,770	12	$      106.00	$             1,272
								24	$      107.00	$             2,568
	TOTAL	3000		$14,559	102		$10,719	36		$3,840
LIFO METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Sept , 01	Beginning inventory	12	$                      102.00	$                          1,224
Purchases
Sept , 12	Purchases	45	$                      105.00	$                          4,725
Sept , 19	Purchases	57	$                      106.00	$                          6,042
Sept , 26	Purchases	24	$                      107.00	$                          2,568
	Goods Avaiable for sold	138		$                        14,559
	Sales				24	$          107.00	$             2,568
					57	$          106.00	$             6,042
					21	$          105.00	$             2,205	24	$      105.00	$             2,520
								12	$      102.00	$             1,224
	TOTAL	3000		$14,559	102		$10,815	36		$3,744
AVERAGE COST METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Sept , 01	Beginning inventory	12	$                      102.00	$                          1,224
Purchases
Sept , 12	Purchases	45	$                      105.00	$                          4,725
Sept , 19	Purchases	57	$                      106.00	$                          6,042
Sept , 26	Purchases	24	$                      107.00	$                          2,568
	Goods Avaiable for sold	138	$                      105.50	$                        14,559
	Sales				102	$          105.50	$           10,761	36	$      105.50	$             3,798
	TOTAL	3000		$14,559	102		$10,761	36		$3,798
ANSWER = 1	Ending inventory	FIFO	LIFO	Average Cost Method
		$                           3,840	$                        3,744	$3,798
ANSWER = 2	Cost of Goods Sold	FIFO	LIFO	Average Cost Method
		$                        10,719	$                      10,815	$10,761