Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $100 $1,200 Sept. 12 Purchases 45 103 4,635 Sept. 19 Purchases 50 104 5,200 Sept. 26 Purchases 20 105 2,100 Totals 127 $13,135 Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 46 Totals 102 Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 $ 100 September 5 $ ? September 12 $ ? September 16 $ ? September 19 $ ? September 26 $ ? September 29 $ ? Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $2620 $ $
Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $100 $1,200 Sept. 12 Purchases 45 103 4,635 Sept. 19 Purchases 50 104 5,200 Sept. 26 Purchases 20 105 2,100 Totals 127 $13,135 Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 46 Totals 102 Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 $ 100 September 5 $ ? September 12 $ ? September 16 $ ? September 19 $ ? September 26 $ ? September 29 $ ? Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $2620 $ $
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold.
Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
||||
|---|---|---|---|---|---|---|---|---|
|
Sept. 1
|
Inventory
|
12
|
$100
|
$1,200
|
||||
|
Sept. 12
|
Purchases
|
45
|
103
|
4,635
|
||||
|
Sept. 19
|
Purchases
|
50
|
104
|
5,200
|
||||
|
Sept. 26
|
Purchases
|
20
|
105
|
2,100
|
||||
|
Totals
|
127
|
$13,135
|
Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system.
|
Date
|
Units
|
|||
|---|---|---|---|---|
|
Sept. 5
|
Sale
|
8
|
||
|
Sept. 16
|
Sale
|
48
|
||
|
Sept. 29
|
Sale
|
46
|
||
|
Totals
|
102
|
Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)
|
September 1
|
$ 100 | |
|---|---|---|
|
September 5
|
$ ? | |
|
September 12
|
$ ? | |
|
September 16
|
$ ? | |
|
September 19
|
$ ? | |
|
September 26
|
$ ? | |
|
September 29
|
$ ? |
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.)
|
FIFO
|
LIFO
|
AVERAGE-COST
|
||||
|---|---|---|---|---|---|---|
|
The ending inventory
|
$2620 | $ | $ |
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