Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...
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Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbirds purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $ 102 $ 1,530 12 Purchase 45 104 4,680 19 Purchase 50 106 5,300 26 Purchase 20 107 2,140 Total 130 $ 13,650 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST Ending inventory at September 30 $ enter ending inventory using First In First Out at September 30 in dollars $ enter ending inventory using Last In First Out at September 30 in dollars $ enter ending inventory using average-cost at September 30 in dollars Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST Cost of goods sold $ enter cost of goods sold using First In First Out in dollars $ enter cost of goods sold using Last In First Out in dollars $ enter cost of goods sold using average-cost in dollars
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