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Teal Mountain Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain Inc.s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Teal Mountain Inc. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

13

$107

$ 1,391

Sept. 12

Purchases

49

110

5,390

Sept. 19

Purchases

53

111

5,883

Sept. 26

Purchases

20

112

2,240

Totals

135

$14,904

(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.)

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