Calculating fifo, lifo, and average cost
Boarders sells a snowboard Xpert, that is popular with snowboard enthusiasts. Below is information relating to Boarder's purchases of Xpert snowboards during September. During the same month, 121 Xpert snowboards were sold.
Date Explanation Units Unit Cost Total Cost
Sept 1 Inventory 25 $ 100 $2,500
Sept 12 Purchases 43 104 4,472
Sept 19 Purchases 20 106 2,120
Sept 26 Purchases 50 111 5,550
Totals 138 $14,642
Additional data regarding Boarders’ sales of Xpert snowboards are provided below. Assume that Boarders uses a perpetual inventory system.
Date
Units Unit Price Total Cost
Sept 5 Sale 11 $199 $2,189
16 Sale 51 199 10,149
29 Sale 59
209 12,331
Totals 121
$24,669
CALCULATE FIFO, LIFO, AND AVERAGE COST FOR THIS.
