Question 3 Date Explanation Units Unit Cost Total Cost 45 $102 $ 4,590 78 103 8,

Question

Question 3

Date

Explanation

Units

Unit Cost

Total Cost

45

$102

$ 4,590

78

103

8,034

35

107

3,745

87

110

9,570

245

$25,939

Date

Units

Unit Price

Total Revenue

21

$197

$4,137

87

197

17,139

103

208

21,424

211

$42,700

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FIFO

LIFO

MOVING-AVERAGE COST

Question 3

Elsa’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 211 Xpert snowboards were sold. Additional data regarding Elsa’s sales of Xpert snowboards are provided below. Elsa’s uses a perpetual inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1 Inventory

45

$102

$ 4,590

Sept. 12 Purchases

78

103

8,034

Sept. 19 Purchases

35

107

3,745

Sept. 26 Purchases

87

110

9,570

   Totals

245

$25,939

Date

Units

Unit Price

Total Revenue

Sept. 5 Sale

21

$197

$4,137

Sept. 16 Sale

87

197

17,139

Sept. 29 Sale

103

208

21,424

      Totals

211

$42,700

Explanation / Answer

1.

Working:

Working:

Working:

FIFO method gives the same ending inventory under both periodic and perpetual inventory systems.

LIFO method gives the different ending inventory under both periodic and perpetual inventory systems.

September 1 $102.00 September 5 $102.00 September 12 $102.76 September 16 $102.76 September 19 $105.74 September 26 $108.44 September 29 $108.46

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