Question

Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information...

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

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