Reference no: EM132472306

Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system.

Date                   Explanation              Units                    Unit Cost              Total Cost

Sept. 1                Inventory            13                         $115                $ 1,495

Sept. 12               Purchases            49                         118                    5,782

Sept. 19                Purchases            54                         119                    6,426

Sept. 26                 Purchases             24                       120                     2,880

Totals                                                                         140                    $16,583

Question (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

Question (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