jtem jd 10753529 Exercise 6-4 VERS?ON Pronghorn Corp sells a snowboard, EZslide,

Question

jtem jd 10753529 Exercise 6-4 VERS?ON Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. EZslide snowboards during September. During the same month, 100 EZ 'BA X Sept. 1 Inventory Sept. 12 Purchases Sept. 19 Purchases Sept. 26Purchases 12 45 45 19 $100 103 104 105 $ 1,200 1,995 Totals (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decima places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO A 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 cest per onit to 3 decima places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) FIFO Cost of goods sold s Question Attempts: 1 of 3 usedSAVE FOR LAENET A answer this question

Explanation / Answer

a) Computation of Closing Inventory on FIFO Basis Particular Amount Beginning Inventory $1,200 Purchase $11,310 Less: Cost of Goods Sold (12X$100+45X$103+43X$104) $10,307 Ending Inventory $2,203 Computation of Closing Inventory on LIFO Basis Particular Amount Beginning Inventory $1,200 Purchase $11,310 Less: Cost of Goods Sold (36X$103+45X$104+19X$105) $10,383 Ending Inventory $2,127 Computation of Closing Inventory on Average Basis Particular Amount Beginning Inventory $1,200 Purchase $11,310 Inventory Available for sale(a) $12,510 Less: Cost of Goods Sold (b) ($12510-(12510/12X100) $10,339 Ending Inventory(a-b) $2,171 Cost of Goods Sold FIFO $10,307 LIFO $10,383 Average $10,339

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