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, 110 EZslide snowboards were sold. Kingbird, Inc. uses a periodic inventory system. 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 Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $110 $ 1,210 Sept. 12 Purchases 53 113 5,989 Sept. 19 Purchases 55 114 6,270 Sept. 26 Purchases 25 115 2,875 Totals 144 $16,34
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, 110 EZslide snowboards were sold. Kingbird, Inc. uses a periodic inventory system.
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 |
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
||||
---|---|---|---|---|---|---|---|---|
Sept. 1
|
Inventory
|
11
|
$110
|
$ 1,210
|
||||
Sept. 12
|
Purchases
|
53
|
113
|
5,989
|
||||
Sept. 19
|
Purchases
|
55
|
114
|
6,270
|
||||
Sept. 26
|
Purchases
|
25
|
115
|
2,875
|
||||
Totals
|
144
|
$16,344
|
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