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Compute the ending inventory at september 30

30/12/2020 Client: saad24vbs Deadline: 7 Days

DETERMINE THE AVERAGE COST


1. Culver Corporation markets CDs of numerous performing artists. At the beginning of March, Culver Corporation had in beginning inventory 2,530 CDs with a unit cost of $7. During March, Culver Corporation made the following purchases of CDs.


March 5


2,180


@


$8


March 21


5,110


@


$10


March 13


3,550


@


$9


March 26


2,190


@


$11


During March 11,090 units were sold. Culver Corporation uses a periodic inventory system.


Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.)



FIFO


LIFO


AVERAGE-COST


The ending inventory


$


Entry field with correct answer


$


Entry field with correct answer


$


Entry field with incorrect answer now contains modified data


The cost of goods sold


$


Entry field with correct answer


$


Entry field with correct answer


$


Entry field with incorrect answer now contains modified data


2. Shamrock, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock, Inc.’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Shamrock, Inc. uses a periodic inventory system.


Date


Explanation


Units


Unit Cost


Total Cost


Sept. 1


Inventory


12


$95


$ 1,140


Sept. 12


Purchases


45


98


4,410


Sept. 19


Purchases


51


99


5,049


Sept. 26


Purchases


19


100


1,900


Totals


127


$12,499


(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


Entry field with correct answer


$Enter a dollar amount


Entry field with correct answer


$Enter a dollar amount


Entry field with incorrect answer now contains modified data


(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


Entry field with correct answer


$Enter a dollar amount


Entry field with correct answer


$Enter a dollar amount


Entry field with incorrect answer now contains modified data


95400


109060


2296


2218


10203


10281


46890


33230

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