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, 208 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 |
$101 |
mce_markernbsp;4,545 |
| Sept. 12 |
Purchases |
77 |
104 |
8,008 |
| Sept. 19 |
Purchases |
34 |
109 |
3,706 |
| Sept. 26 |
Purchases |
86 |
114 |
9,804 |
| Totals |
242 |
$26,063 |
|
Date
Units
Unit Price
Total Revenue
Sept. 5 Sale 21
$195
$4,095
Sept. 16 Sale 86
195
16,770
Sept. 29 Sale 101
210
21,210
Totals 208
$42,075
Calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29.
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost.
Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system.