Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $ 1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 114 6,042 Sept. 26 Purchases 20 115 2,300 Totals 135 $15,309 (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
Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $ 1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 114 6,042 Sept. 26 Purchases 20 115 2,300 Totals 135 $15,309 (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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system.
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Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
||||
|---|---|---|---|---|---|---|---|---|
|
Sept. 1
|
Inventory
|
13
|
$110
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$ 1,430
|
||||
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Sept. 12
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Purchases
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49
|
113
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5,537
|
||||
|
Sept. 19
|
Purchases
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53
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114
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6,042
|
||||
|
Sept. 26
|
Purchases
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20
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115
|
2,300
|
||||
|
Totals
|
135
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$15,309
|
(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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