Question

Pearl Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pearl Co.’s purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		10		$107		$1,070
Sept. 12		Purchases		46		110		5,060
Sept. 19		Purchases		49		111		5,439
Sept. 26		Purchases		25		112		2,800
		Totals		130				$14,369

Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Pearl Co. uses a perpetual inventory system.

Date				Units
Sept. 5		Sale		8
Sept. 16		Sale		47
Sept. 29		Sale		45
		Totals		100

Incorrect answer iconYour answer is incorrect.

Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)

September 1		$enter a dollar amount
September 5		$enter a dollar amount
September 12		$enter a dollar amount
September 16		$enter a dollar amount
September 19		$enter a dollar amount
September 26		$enter a dollar amount
September 29		$enter a dollar amount

eTextbook and Media

  

  

Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST

Answer 1

1 September 1 September 5 September 12 September 16 September 19 September 26 September 29 $107.00 $107.00 $109.88 $109.88 $110.98 $111.32 $111.32 Working Average Cost - Perpetual Inventory Balance Purchases Cost of Goods Sold Cost of # of Cost # of units Cost per goods units per unit sold unit Perpetual Average # of units Cost per Inventory unit Value sold Beginning Inventory - sepetember 1 Sale - september 5 Purchase - september 12 8 $107.00 $856| 46 $110.00 Average cost Sale - september 16 Purchase - september 19 47 $109.88 $5,164 49 $111.00 10 2 2 46 48 1 1 49 50 50 25 75 30 30 $107.00 $107.00 $107.00 $110.00 $109.88 $109.88 $109.88 $111.00 $110.98 $110.98 $112.00 $111.32 $111.32 $111.32 $1,070 $214 $214 $5,060 $5,274 $110 $110 $5.439 $5,549 $5,549 $2.800 $8.349 $3,340 $3,340 Average cost Purchase - september 26 25 $112.00 Average cost Sale - september 29 Average cost $111.32 45 100 $5.009 $11,029 FIFO $3,355 Average LIFO Cost $3,326 $3,340 The Ending Inventory Workings: LIFO - perpetual Inventory Balance Purchases Cost of Goods Sold # of Cost of Cost # of units Cost per Cost per goods units per unit sold unit sold # of units Cost per Inventory unit Value Beginning Inventory - sepetember 1 Sale - september 5 Purchase - september 12 8 $107.00 $856 10 2 2 46 46 $110.00 Sale - september 16 1 1 46 $107.00 $110.00 $107 $5,060 Purchase - september 19 49 $111.00 $107.00 $107.00 $107.000 $110.00 $107.00 $0.00 $107.00 $111.00 $107.000 $111.00 $112.00 $107.00 $111.00 $0.00 $1,070 $214 $214 $5,060 $107 SO $107 $5.439 $107 $5.439 $2,800 $107 $3,219 0 1 49 1 49 25 1 29 0 30 Purchase - september 26 25 $112.00 Sale - september 29 H 25 $112.00 $2.800 2 5 $112.00 $2,220 29 $111. 120 100 $11,043 $3,326 FIFO - perpetual Inventory Balance Purchases Cost of Goods Sold Cost of Cost # of units Cost per units per unit sold unit sold goods units Beginning Inventory - sepetember 1 Sale - september 5 Purchase - september 12 8 $107.00 $856 46 $110.00 Sale - september 16 2 45 $107.00 $110.00 $214 $4,950 Purchase - september 19 49 $111.00 10 2 2 46 - 1 1 49 1 49 25 - 5 25 30 Cost per Inventory unit Value $107.00 $1.070 $107.00 $214 $107.000 $214 $110.00 $5,060 S0.00 $0.00 SO $110.000 $110 $110.00 $110 $111.00 $5,439 $110.00 $110 $111.00 $5,439 $112.00 $2.800 $0.00 $0 $111.00 $555 $112.00 $2.800 $3,355 Purchase - september 26 25 $112.00 Sale - september 29 1 44 $110.00 $111.00 $110 $4.884 120 100 $11,014