O 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
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.
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Date
|
Explanation
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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
|
$14,150
|
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)
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FIFO
|
LIFO
|
AVERAGE-COST
|
||||
|---|---|---|---|---|---|---|
|
The ending inventory at September 30
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$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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