Exercise 6-4 Delmott sells a snowboard, Xpert, that is popular with snowboard en
ID: 2445945 • Letter: E
Question
Exercise 6-4
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, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
15
$111
$ 1,665
44
114
5,016
50
118
5,900
20
119
2,380
129
$14,961
(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.)
(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
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1 Inventory15
$111
$ 1,665
Sept. 12 Purchases44
114
5,016
Sept. 19 Purchases50
118
5,900
Sept. 26 Purchases20
119
2,380
Totals129
$14,961
Explanation / Answer
(a) Closing Stock
Cost of Goods Sold
Date Particulars Units Unit Cost Total Cost Sep,1 Opening Stock 15 111 1665 Sep,12 Purchases 44 114 5016 Sep,19 Purchases 50 118 5900 Sep,26 Purchases 20 119 2380 Totals 129 14961