Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   14   $110   $ 1,540 Sept. 12   Purchases   50   113   5,650 Sept. 19   Purchases   54   114   6,156 Sept. 26   Purchases   22   115   2,530     Totals   140       $15,876 (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

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system.

Date
 
Explanation
 
Units
 
Unit Cost
 
Total Cost
Sept. 1
 
Inventory
 
14
 
$110
 
$ 1,540
Sept. 12
 
Purchases
 
50
 
113
 
5,650
Sept. 19
 
Purchases
 
54
 
114
 
6,156
Sept. 26
 
Purchases
 
22
 
115
 
2,530
   
Totals
 
140
     
$15,876



(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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