Reference no: EM132555170

Land Travel sells ATVs. One of Land Travel's most popular models is the Morado. During the current year, Land Travel purchased 20 of these cycles at the following costs:

                                                                  Units           Unit             Total

Purchase Date                                              Purchased        Cost           Cost

Apr. 1................................................................... ? $3,700 $_______

Apr. 17................................................................. ? 3,900 _______

May 5................................................................... ? 4,000 ______

                                                                                 25 $_______

On April 25, Land Travel sold 12 Morado's to the Julie Sports racing team. The remaining ATVs remained in inventory at June 30, the end of Land Travel's fiscal year. Assume the company is using perpetual inventory system.

Question a. Compute the cost of goods sold relating to the sale on April 25 and the ending inventory of Morado ATVs at June 30, using the following cost flow assumptions:

1. Average cost (Round cost to nearest whole dollar)

2. FIFO

3. LIFO