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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.

 

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Collen Von
Collen VonLv2
14 May 2020

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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

Question 55
Boarders sells a snowboard Xpert, that is popular with snowboardenthusiasts. Below is information relating
to Boarder's purchases of Xpert snowboards during September. Duringthe same month, 121 Xpert
snowboards were sold. Boarders uses a periodic inventorysystem.
Date -----Explanation-------Units--------Unit Cost---------TotalCost
Sept 1 -----Inventory -------26 --------$ 98----------------$2,548
Sept 12---- Purchases------- 45-------- 104----------------4,680
Sept 19---- Purchases -------20 --------108----------------2,160
Sept 26 ----Purchases -------50 --------110----------------5,500
----------------Totals ---------141---------------------------$14,888
Compute the ending inventory at September 30 and cost ofgoods sold using the FIFO and LIFO methods. Explain your answer inthe Note Box.
--------------------------------FIFO ----------------LIFO
Ending Inventory----------- $______ -------$_______
Cost of goods sold --------$______ -------$_______


For both FIFO and LIFO, compute the sum of cost of goodssold and ending inventory. What do you notice about the result foreach method.Chose the right answer
(the sums for FIFO and LIFO are equal
(the sum is greater for FIFO
(the sum is greater for LIFO

Boarders sellsa snowboard, Xpert, that is popular with snowboardenthusiasts.Below is information relating to Boarders’spurchases 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

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