Delmott sells a snowboard, Xpert, that Is popular with snowboard enthusiasts. Be

Question

Delmott sells a snowboard, Xpert, that Is popular with snowboard enthusiasts. Below Is Information relating to Delmott's purchases of Xpert snowboards during September. During the same month, 102 Xpert snowboards were sold. Delmott uses a periodic Inventory system. 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.) The ending Inventory at September 30 using the FIFO The ending Inventory at September 30 using the LIFO The ending Inventory at September 30 using the average-cost 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.)

Explanation / Answer

Weighted Average Date Particulars Units   Cost Amount COGS 1-Sep Opening Inventory                                        15.00                    105.00                 1,575.00 12-Sep Purchases                                        46.00                    109.00                 5,014.00 19-Sep Purchase                                        51.00                    111.00                 5,661.00 26-Sep Purchase                                        19.00                    116.00                 2,204.00 Total                                      131.00                    110.34               14,454.00 29-Oct Sales                                      102.00                    110.34               11,254.26 Closing Stock                                        29.00                    110.34                 3,199.74 COGS                         11,254.26 Closing Stock                           3,199.74 FIFO Date Particulars Units   Cost Amount COGS 1-Sep Opening Inventory                                        15.00                    105.00                 1,575.00 12-Sep Purchases                                        46.00                    109.00                 5,014.00 19-Sep Purchase                                        51.00                    111.00                 5,661.00 26-Sep Purchase                                        19.00                    116.00                 2,204.00 Total                                      131.00               14,454.00 29-Oct Sales                                      102.00               11,140.00 15*105+46*109+41*111 Closing Stock                                        29.00                 3,314.00 19*116+10*111 COGS                         11,140.00 Closing Stock                           3,314.00 LIFO Date Particulars Units   Cost Amount COGS 1-Sep Opening Inventory                                        15.00                    105.00                 1,575.00 12-Sep Purchases                                        46.00                    109.00                 5,014.00 19-Sep Purchase                                        51.00                    111.00                 5,661.00 26-Sep Purchase                                        19.00                    116.00                 2,204.00 Total                                      131.00               14,454.00 29-Oct Sales                                      102.00               11,353.00 32*109+51*111+19*116 Closing Stock                                        29.00                 3,101.00 15*105 + 14*109 COGS                         11,353.00 Closing Stock                           3,101.00

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