Question

Oriole Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Oriole Company's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory R 14 $102 $1,428 Sept. 12 Purchases Purchases 45 105 4,725 Sept. 19 Purchases 106 5,194 Sept. 26 Purchases 25 107 107 2,675 $14,022 Totals 133

Answer 1

Calculation of Average unit cost Qty Receipt Rate Issue Rate $ aty Date 0119 0519 1219 particular opening bal. MRN GRN Balance aty Rate $ 14 102 1428 102 510 104.7 5235 [5235/50] [510+4725) 102 919 45 105 4725 - - 49 104.7 513.30 1 1619 1919 MRN AGRN $ | 5, 194 104.7 104.7 105.974 52987 (5293,4] Dosta 43 2619 GRN 25 107 2675 106.316 7973-7 7473-115298-7 L 75 L 2675) 2919 MRN - 45 106.316 4784022 30 106-316 3189:48. 2919 30 closing stock 3189-48 106.316

calculation of Inventory at sep.30 using FIFO Receipt Issue particular Oty Rate $ Qty Rate $ Qty op. bal 14 MRN 5 GRN 4725 5 45 Date 0119 0519 1219 ! Balance Rate 102 102 102 105 918 | $ 1428 510 570 4725 Ã 1619 MRN 570 4620 1 105 105 105 106 1919 GRN 49 106 5194 1 49 105 5194 105 5794 2675 2675 2619 GRN 25 105 106 107 49 25 2919 MRN 105 4664 44 106 5 106 530 2675 107

Calculation of Inventory at Sep. 30 using LIFO Receipt Qty Rate Issue Rate Qty $ Date Particular 0119 op.bal 0519 MRN 1219 GRN Balance Qly Rate 14 102 102 $. 1428 570 9 102 1918 5 45 105 105 4725 1 5 45 102 105 510 4725 1619 MRN 4725 408 102 102 1919 GRN 49 106 5194 102 102 106 5794 2619 GRN 25 2675 102 106 49 25 102 5794 2675 107 29/9 MRN 107 106 2675 2120 20 1 29 102 106 102 3074

Average unit cost Sep Sep Sep 102 102 104.7 104.7 105.974 106-316 106.316 Sep thastra Sep Sep Ending Inventory at sep 30. FIFO :5 units x 106 = 530 250mit, *107 - 2675 3205 LIFO : 1 unit x 102 29 Unit x 106 = 102 = 3074 3176 movůng average : 30 unitx 106-316 - 3189:48 3189-48

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