Compute the ending inventory at september 30 using the fifo, lifo and average-cost methods.

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