Answered: O LIFO AVERAGE-COST The ending…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...

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Question

Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Inc.’s purchases of EZslide snowboards during September. During the same month, 92 EZslide snowboards were sold. Kingbird, Inc. uses a periodic inventory system.

Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	12	$108	$ 1,296
Sept. 12	Purchases	45	111	4,995
Sept. 19	Purchases	51	112	5,712
Sept. 26	Purchases	19	113	2,147
	Totals	127		$14,150

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory at September 30		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount

(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
Cost of goods sold		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount

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