Question

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

Answer 1

The answer along with conclusion is attached as images below: