Sage Hill Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is...
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Sage 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, 100 EZslide snowboards were sold. Sage Hill Inc. uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost Sept. 1 $110 $ 1,650 Inventory Purchases 1 Sept. 12 113 5,424 48 53 Sept. 19 Purchases 114 6,042 Sept. 26 Purchases C 24 115 2,760 Totals 140 $15,876 (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 O 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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