Class-Question

Exercise 6-4

Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.’s purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		13		$101		$ 1,313
Sept. 12		Purchases		46		104		4,784
Sept. 19		Purchases		51		105		5,355
Sept. 26		Purchases		21		106		2,226
		Totals		131				$13,678

(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. 125.153 and final answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
Cost of goods sold		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount

 

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