Exercise 6-4
Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.â€s purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
13
$101
$ 1,313
Sept. 12
Purchases
46
104
4,784
Sept. 19
Purchases
51
105
5,355
Sept. 26
Purchases
21
106
2,226
Totals
131
$13,678
(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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