Question

# age Hill Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information...

age Hill Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sage Hill Inc.’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Sage Hill Inc. uses a periodic inventory system.

 Date Explanation Units Unit Cost Total Cost 13 \$103 \$ 1,339 46 106 4,876 47 107 5,029 19 108 2,052 125 \$13,296

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.)

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.)

Ending Inventory Unit = 125-95 = 30 Units

a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

 FIFO LIFO Average cost Cost of ending inventory (19*108+11*107) = 3229 (13*103+17*106) = 3141 (13296/125*30) = 3191

b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.

 FIFO LIFO Average cost Cost of goods sold 13296-3229 = 10067 13296-3141 = 10155 13296-3191 = 10105

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