Novak corp. sells a snowboard, ezslide, that is popular with snowboard enthusiasts. below is information relating to novak corp.’s purchases of ezslide snowboards during september. during the same month, 97 ezslide snowboards were sold. novak corp. uses a periodic inventory system. date explanation units unit cost total cost sept. 1 inventory 11 $97 $ 1,067 sept. 12 purchases 44 100 4,400 sept. 19 purchases 47 101 4,747 sept. 26 purchases 22 102 2,244 totals 124 $12,458 (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 $ $ $ (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 ave

a. The value of ending Inventory using FIFO is $2749.

b. The value of ending Inventory using LIFO is $2667.

c. The value of ending Inventory using Average Cost method is $2713.

We have:

Date     Explanation       Units      unit cost   Total Cost

Sep-01         inv                 11              97                1067

Sep-12purchases        44               100              4400

Sep-19purchases         47               101              4747

Sep-26purchases         22               102              2244

Total                                 124                                  12458

Novak sold 97 snowboards, so the number of snowboards with it at the end of September is .

If Novak adopts First In First Out (FIFO) method, and 27 units are remaining, all 22 units purchased on Sept-26th and from the purchases made on Sept-19th will remain in inventory.

So the value of inventory using FIFO will be

If Novak adopts Last In First Out (LIFO) method, all 11 units in inventory on  Sept-01st and from the purchases made on Sept-12th will remain in inventory.

Hence inventory value using LIFO will be

We calculate the Average cost by dividing the Total Cost by total number of units purchased.

The value of inventory using the average cost method is .

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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