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coralgnu583Lv1
29 Sep 2019
Andrea's Boards sells a snowboard Xpert, that is popular withsnowboard enthusiasts. Below is information relating to Andrea'spurchases of Xpert snowboards during September. During the samemonth, 121 Xpert snowboards were sold. Andrea's uses a periodicinventory system.
Date Explanation Units Unit Cost Total Cost
Sept 1 Inventory 26 $ 97 $2,522
Sept 12 Purchases 45 105 4,725
Sept 19 Purchases 20 108 2,160
Sept 26 Purchases 50 109 5,450
Totals 141 $14,857
Compute the ending inventory at September 30 and cost of goods soldusing the FIFO and LIFO methods.
FIFO LIFO
Ending Inventory $ $
Cost of goods sold $ $
For both FIFO and LIFO, compute the sum of cost of goods sold andending inventory. What do you notice about the result for eachmethod.
(Which one is correct)
the sums for FIFO and LIFO are equal
the sum is greater for LIFO
the sum is greater for FIFO
Andrea's Boards sells a snowboard Xpert, that is popular withsnowboard enthusiasts. Below is information relating to Andrea'spurchases of Xpert snowboards during September. During the samemonth, 121 Xpert snowboards were sold. Andrea's uses a periodicinventory system.
Date Explanation Units Unit Cost Total Cost
Sept 1 Inventory 26 $ 97 $2,522
Sept 12 Purchases 45 105 4,725
Sept 19 Purchases 20 108 2,160
Sept 26 Purchases 50 109 5,450
Totals 141 $14,857
Compute the ending inventory at September 30 and cost of goods soldusing the FIFO and LIFO methods.
FIFO LIFO
Ending Inventory $ $
Cost of goods sold $ $
For both FIFO and LIFO, compute the sum of cost of goods sold andending inventory. What do you notice about the result for eachmethod.
(Which one is correct)
the sums for FIFO and LIFO are equal
the sum is greater for LIFO
the sum is greater for FIFO
Date Explanation Units Unit Cost Total Cost
Sept 1 Inventory 26 $ 97 $2,522
Sept 12 Purchases 45 105 4,725
Sept 19 Purchases 20 108 2,160
Sept 26 Purchases 50 109 5,450
Totals 141 $14,857
Compute the ending inventory at September 30 and cost of goods soldusing the FIFO and LIFO methods.
FIFO LIFO
Ending Inventory $ $
Cost of goods sold $ $
For both FIFO and LIFO, compute the sum of cost of goods sold andending inventory. What do you notice about the result for eachmethod.
(Which one is correct)
the sums for FIFO and LIFO are equal
the sum is greater for LIFO
the sum is greater for FIFO
Deanna HettingerLv2
29 Sep 2019
Related questions
Delmott sells a snowboard, Xpert that is popular with snowboard enthusiasts. Below is information related to Delmott's purchase of Xpert snowboards during September. Durin the same month 102 Xpert snowboards were sold. Delmott uses a periodic inventory system.
| Date | Explanation | Units | Unit Cost | Total Cost |
| Sep. 1 | Inventory | 16 | $114 | $1,824 |
| Sep. 12 | Purchases | 42 | 119 | 4,998 |
| Sep. 19 | Purchases | 51 | 122 | 6,222 |
| Sep. 26 | Purchases | 19 | 126 | 2,394 |
| Totals | 128 | $15,438 |
Compute the ending inventory at september 30 using the fifo, lifo and average-cost methods.
