Question

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

Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.’s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

15

$106

$ 1,590

Sept. 12

Purchases

46

109

5,014

Sept. 19

Purchases

54

110

5,940

Sept. 26

Purchases

21

111

2,331

Totals

136

$14,875

(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 FIFO = ? LIFO= ? 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.)

Cost of goods sold FIFO= ? LIFO= ? AVERAGE-COST= ?

Hi I need a answer asap

thanks

Homework Answers

Answer #1

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