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Problem - Carla Vista Co. sells a snowboard. EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista Co.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co. uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
15
$100
$1,500
Sept. 12
Purchases
42
103
4,326
Sept. 19
57
104
5,928
Sept. 26
21
105
2,205
Totals
135
$13,959
Required -
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
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