On September 1, 2010, the inventory of Cruisers, Inc., consisted of five Model OB3 boats. Each boat had cost $1,500. During the year ended August 31, 2011, 40 boats were purchased on the dates and at the costs that follow. During the year, 37 boats were sold.
|
Number
|
Cost per
|
Total
|
|
Date of Purchase
|
of Boats
|
Boat
|
Cost
|
|
September 1, 2010 (beginning inventory)
|
5
|
$1,500
|
$ 7,500
|
|
November 7, 2010
|
8
|
1,600
|
12,800
|
|
March 12, 2011
|
12
|
1,650
|
19,800
|
|
May 22, 2011
|
10
|
1,680
|
16,800
|
|
July 28, 2011
|
6
|
1,700
|
10,200
|
|
August 30, 2011
|
4
|
1,720
|
6,880
|
|
Total of boats available for sale.
|
45
|
|
$73,980
|
|
Number of boats sold.
|
37
|
|
|
|
Number of boats in August 31, 2011 inventory
|
8
|
|
|
Required:
Determine the ending inventory amount at August 31, 2011, and the cost of goods sold for the year then ended, using the weighted-average, FIFO, and LIFO cost-flow assumptions.