Boarders sellsa snowboard, Xpert, that is popular with snowboardenthusiasts.Below is information relating to Boardersâspurchases of Xpertsnowboards during September. During the samemonth, 121 Xpertsnowboards were sold. Boarders uses a periodicinventory system.
Date Explanation Units UnitCost TotalCost
Sept.1 Inventory 26 $97 $2,522
Sept.12 Purchases 45 102 4,590
Sept.19 Purchases 20 104 2,080
Sept.26 Purchases 50 105 5,250
Totals 141 $14,442
Instructions
(a) Computethe ending inventory at September 30 and cost of goodssold usingthe FIFO and LIFO methods. Prove the amount allocated tocost ofgoods sold under each method.
(b) For both FIFO and LIFO, calculate the sum of endinginventoryand cost of goods sold. What do you notice about theanswers youfound for each method?
Please Show All Work, Thank You
Boarders sellsa snowboard, Xpert, that is popular with snowboardenthusiasts.Below is information relating to Boardersâspurchases of Xpertsnowboards during September. During the samemonth, 121 Xpertsnowboards were sold. Boarders uses a periodicinventory system.
Date Explanation Units UnitCost TotalCost
Sept.1 Inventory 26 $97 $2,522
Sept.12 Purchases 45 102 4,590
Sept.19 Purchases 20 104 2,080
Sept.26 Purchases 50 105 5,250
Totals 141 $14,442
Instructions
(a) Computethe ending inventory at September 30 and cost of goodssold usingthe FIFO and LIFO methods. Prove the amount allocated tocost ofgoods sold under each method.
(b) For both FIFO and LIFO, calculate the sum of endinginventoryand cost of goods sold. What do you notice about theanswers youfound for each method?
Please Show All Work, Thank You
