Exercise 6-4 Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts....
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Accounting
Exercise 6-4
Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.s purchases of EZslide snowboards during September. During the same month, 94 EZslide snowboards were sold. Blue Spruce Corp. uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
12
$98
$ 1,176
Sept. 12
Purchases
45
101
4,545
Sept. 19
Purchases
54
102
5,508
Sept. 26
Purchases
21
103
2,163
Totals
132
$13,392
(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
$
$
$
(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.)
FIFO
LIFO
AVERAGE-COST
Cost of goods sold
$
$
$
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