Delmott sells a snowboard xpert that is popular with, Ask an Expert

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Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott's purchases of Xpert snowboards during September. During the same month, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.

Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	14	$119	$ 1,666
Sept. 12	Purchases	44	121	5,324
Sept. 19	Purchases	51	124	6,324
Sept. 26	Purchases	20	128	2,560
	Totals	129		$15,874

(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.)

The ending inventory at September 30 using the FIFO		$
The ending inventory at September 30 using the LIFO		$
The ending inventory at September 30 using the average-cost		$

(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		$		$		$

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Accounting Basics, Accounting

Category:- Accounting Basics
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