Sherper’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information
rubyCpaMbaSherper’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 |
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 |
|
|
|
|
Cost of goods sold |
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|
|
(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 |
|
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|
|
13 years ago
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