DETERMINETHEAVERAGECOST

DETERMINE THE AVERAGE COST1. Culver Corporation markets CDs of numerous performing artists. At the beginning of March, Culver Corporation had in beginning inventory2,530CDs 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 March11,090units 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 $ $ $ The cost of goods sold $ $ $ 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,104EZslide 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 $Enter a dollar amount $Enter a dollar amount (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 $Enter a dollar amount $Enter a dollar amount