Answer:
FIFO ending inventory at 30 September : $3101
LIFO ending inventory at 30 September $3016
Average-cost methods ending inventory at 30 September$ 3071.15
FIFO Cost OF Goods Sold $ 11487
LIFO Cost OF Goods Sold $ 11572
Average Cost Method Cost OF Goods Sold $ 11516.85
Explanation:
Working 1
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 12 $106 $ 1,272
Sept. 12 Purchases 45 109 4,905
Sept. 19 Purchases 55 110 6,050
Sept. 26 Purchases 21 111 2,331
Totals 133 $14,558
$ 14588/133 units = $ 109.68 weighted average per unit
Sales 105 snowboards
FIFO ending inventory at 30 September : $3101
28 Snow boards in the ending inventory
21 from Sept. 26 Purchases at $111= $ 2331
7 from Sept. 19 Purchases at $ 110= $ 770
FIFO ending inventory at 30 September $ $3101
LIFO ending inventory at 30 September $3016
12 from 1 Sept. Inventory at $106 = $ 1272
16 from Sept. 12 Purchases at $109= $ 1744
Total Using LIFO= $ 3016
Average-cost methods ending inventory at 30 September$ 3071.15
28 Snow boards in the ending inventory at $ 109.68 weighted average per unit= $ 3071.15
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory FIFO at 30 September : $3101
FIFO Cost OF Goods Sold $ 11487
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory LIFO at 30 September : $3016
LIFO Cost OF Goods Sold $ 11572
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory Average Cost Method at 30 September : $3071.15
Average Cost Method Cost OF Goods Sold $ 11516.85
