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Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases 108 Purchases Purchases Totals The ending inventory at September 30 15 47 Cost of goods sold 52 22 136 109 $ FIFO 110 Total Cost (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 O decimal places, e.g. 125.) $1,575 5,076 5,668 2,420 $14,739 FIFO $ LIFO LIFO (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 O decimal places, e.g. 125.) $ $ AVERAGE-COST AVERAGE-COST

Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases 108 Purchases Purchases Totals The ending inventory at September 30 15 47 Cost of goods sold 52 22 136 109 $ FIFO 110 Total Cost (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 O decimal places, e.g. 125.) $1,575 5,076 5,668 2,420 $14,739 FIFO $ LIFO LIFO (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 O decimal places, e.g. 125.) $ $ AVERAGE-COST AVERAGE-COST

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 15 Cost of goods sold 47 $ 52 22 136 Unit Cost FIFO $105 $ 108 109 110 Total Cost (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 O decimal places, e.g. 125.) $ 1,575 5,076 FIFO 5,668 $14,739 2,420 $ (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 O decimal places, e.g. 125.) $ LIFO LIFO $ $ AVERAGE-COST AVERAGE-COST
Transcribed Image Text:Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 15 Cost of goods sold 47 $ 52 22 136 Unit Cost FIFO $105 $ 108 109 110 Total Cost (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 O decimal places, e.g. 125.) $ 1,575 5,076 FIFO 5,668 $14,739 2,420 $ (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 O decimal places, e.g. 125.) $ LIFO LIFO $ $ AVERAGE-COST AVERAGE-COST
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