Determine the ending inventory amount at august 31 2011 and

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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.

Reference no: EM13574510

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