1. SuperDuper Company sells top-of-the-line skateboards. SuperDuper is concerned about maintaining high earnings and has chosen to use the periodic FIFO method of inventory costing. At the beginning of the year, SuperDuper had 5,000 skateboards in inventory, each costing $20. In April, SuperDuper purchased 2,000 skateboards at a cost of $22 and in August, purchased 4,000 more at a cost of $23. During the year, SuperDuper sold 9,000 skateboards for $40 each.
a. Record each purchase SuperDuper made.
b. Determine SuperDuper’s cost of goods sold using FIFO.
2. Assume the same facts as problem 1 above, except that SuperDuper is more concerned with minimizing taxes and uses LIFO. Determine SuperDuper’s cost of goods sold using LIFO.
3. Assume the same facts as problem 1 above, except that SuperDuper has decided to use averaging. Determine SuperDuper’s cost of goods sold using averaging.
4. Using your answers to problems 1–3, determine the following:
a. Which of the methods yields the lowest cost of goods sold for SuperDuper?
b. Which of the methods yields the highest ending inventory for SuperDuper?
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