Question

Blue Spruce Corp.sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Date Explanation Unit Cost Total Cost Units 11 Sept. 1 Inventory $116 $1,276 Sept. 12 Purchases 119 5,236 Sept. 19 Purchases 120 6,600 Sept. 26 Purchases 2,662 Totals 132 $15,774 Additional data regarding the company's sales of EZslide snowboards are provided below. Assume that Blue Spruce Corp, uses a perpetual inventory system. Date Units Sept. 5 Sale Sept. 16 Sept.29 Sale Sale _51 Totals 103

Answer 1

Under FIFO Method Goods purchased Cost of Goods sold Ending Inventory NO of Units Per Unit Total NO of Units Per Unit Total NO of Units Per Unit Total Date 11.00 116.00 $ 1,276.00 116.00 $ 01-Sep 11$ 1,276.00 464.00 05-Sep 7 $ 116.00 4.00 $ 116.00 $ 812.00 4.00 116.00 $ 44 $ 119.00 $5,236.00 12-Sep 44 $ 119.00 $ 5,236.00 464.00 0 116.00 $ 4 116.00$ 41 119.00 4,879.00 16-Sep 464,00 119.00 $ 3 357.00 3 119.00$ 120.00 $ 55 $ 19-Sep 6,600.00 357.00 55 120.00 6,600.00 22 $ 121.00 $ 3119.00 $ 357.00 55 120.00 6,600.00 22 121.00 2,662.00 26-Sep 2,662.00 3 119.00$ 48 $120.00 5,760.00 0 119.00 $ 7 120.00 $ 22 $121.00 2,662.00 29-Sep 357.00 840.00 $3,502.00 12272 29 103 Under LIFO Method Cost of Goods sold Ending Inventory NO of Units Per Unit NO of Units Per Unit Total NO of Units Per Unit Total Date Total 01-Sep 116 1276 11 116 1276 11 05-Sep 7 116 812 4 116 464 12-Sep 464 44 119 5236 116 5236 44 119 16-Sep 44 119 5236 3 116 348 1 116 116 19-Sep 348 55 120 6600 3 116 6600 55 120 26-Sep 348 22 121. 2662 3 116 120 55 6600 121 2,662.00 22 29-Sep 116.00 $ 348.00 22 121 2662 3 26 120.00 3,120.00 29 120 3480 $3,468.00 $12,306.00 103.00 29

Under Weighted Avg Method Cost of Goods sold Ending Inventory NO of Units Per Unit Total NO of Units Per Unit Total NO of Units Per Unit Total Date 01-Sep 11 116 1276 11 116 1276 05-Sep 7 116 812 4 116 464 12-Sep 44 119 5236 4 116 464 44 119 5236 5700 118.750 48 16-Sep 4932.24 45 118.750 118.750 102.755 19-Sep 55 120 6600 3 118.750 102.755 6600 55 120 58 $115.565 6702.755 58 $115.565 26-Sep 22 121 2662 6702.770 22 121 2662 80 $117.060 9364.770 51 $117.060 $5,970.060 29-Sep 29 $117.060 $ 3,395 103 11714 29 3395 Requirement a Average unit cost 01-Sep $ 116.000 05-Sep $ 12-Sep $ 16-Sep 118.750 19-Sep 115.565 26-Sep $ 29-Sep $ 117.060 116.000 118,750 117.060 FIFO LIFO Moving Average 3,502.00 $ 3,468.00 $ Cost Ending inventory 3,395

Avg unit cost rounded off upto 3 decimals as stated in question
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