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January 13, 2021
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January 13, 2021

Class Question

Exercise 6-4

Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.’s purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

13

$101

$ 1,313

Sept. 12

Purchases

46

104

4,784

Sept. 19

Purchases

51

105

5,355

Sept. 26

Purchases

21

106

2,226

Totals

131

$13,678

(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

$

$

$

(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

$

$

$

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