Sherper s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper s purchases of Xpert snowboards during September is shown below. During the same month, 259 Xpert snowboards were sold. Sherper s uses a periodic inventory system.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
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|
Sept. 1 |
Inventory |
49 |
$97 |
$4,753.00 |
||||
|
Sept. 12 |
Purchases |
96 |
103 |
9,888 |
||||
|
Sept. 19 |
Purchases |
43 |
109 |
4,687 |
||||
|
Sept. 26 |
Purchases |
94 |
112 |
10,528 |
||||
|
Totals |
282 |
$29,856 |
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
|
FIFO |
LIFO |
|||
|
The ending inventory at September 30 |
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|
Cost of goods sold |
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
|
FIFO |
LIFO |
|||
|
The sum of ending inventory and cost of goods sold |