Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $ 105 $ 1,260 Sept. 12 Purchases 50 108 5,400 Sept. 19 Purchases 57 109 6,213 Sept. 26 Purchases 21 110 2,310 Totals 140 $ 15,183 (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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Description: Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sol

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system.

Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	12	$ 105	$ 1,260
Sept. 12	Purchases	50	108	5,400
Sept. 19	Purchases	57	109	6,213
Sept. 26	Purchases	21	110	2,310
	Totals	140		$ 15,183

(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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