Question

Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sweet Acacia Corp.’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Sweet Acacia Corp. uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		14		$110		$ 1,540
Sept. 12		Purchases		45		113		5,085
Sept. 19		Purchases		57		114		6,498
Sept. 26		Purchases		24		115		2,760
		Totals		140				$15,883

(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

Answer 1

Answer to the above question is shown.