Question

# Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...

Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp’s purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system.

 Date Explanation Units Unit Cost Total Cost 13 \$115 \$ 1,495 49 118 5,782 54 119 6,426 24 120 2,880 140 \$16,583

(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 \$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 \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount

(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 (24*120+16*119) = 4784 (13*115+27*118) = 4681 118.45*40 = 4738

(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 16583-4784 = 11799 16583-4681 = 11902 16583-4738 = 11845

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