Accounting

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

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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

 

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