Question

Exercise 6-15 Pronghorn Corp sells a snowboard, EZ slide, that is popular with snowboard enthusiasts. Below is month, 106 EZslide snowboards were sold. Units Unit Cost 12 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 49 Explanation Inventory Purchases Purchases Purchases Totals Total Cost $1,164 4,900 4,848 1,938 $12,850 Additional data regarding the company's sales of EZslide snowboards are provided below. Assume th. Units Date Sept. 5 Sept. 16 Sept. 29 Sale Sale Sale Totals Your answer is partially correct. Try again. Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 September 5 September 12 September 16 September 19 GLG

Answer 1

Date Unit Balance Date Sep. 1 Sep. 12 12 Rate 97 100 1,164.00 4,900.00 61 99.410 6,064.00 Sep. 1 Sep.5 Sep. 12 Sep. 16 Sep. 19 Sep. 26 Sep. 29 97.000 97.000 99.410 99.410 100.110 100.391 100.391 Sep. 19 101 4,848.00 109100.110 10,912.00 Sep. 26 102 1,938.00 128 100.391 12,850.00 Ending inventory FIFO 2,241 As already answered by you LIFO 2,164 LIFO 12 Units @ $97 10 units @ $100 1,164 1,000 2,164 Average 22 units @ $100.391 2,208.60