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Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Monty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Monty's beginning inventory and purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Monty uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Unit Cost Cost of goods sold 11 45 50 21 127 $93 96 $ 97 98 Total Cost $ 1,023 FIFO 4,320 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) 4,850 2,058 $12,251 $ $ LIFO Average-cost
Transcribed Image Text:Monty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Monty's beginning inventory and purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Monty uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Unit Cost Cost of goods sold 11 45 50 21 127 $93 96 $ 97 98 Total Cost $ 1,023 FIFO 4,320 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) 4,850 2,058 $12,251 $ $ LIFO Average-cost
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