Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. B

Question

Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the same month, 118 Xpert snowboards were sold. Snoslope uses a periodic inventory system.


Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 78       $100  $7,800

Sept. 12 Purchases 135 $103  $13,905
Sept. 19 Purchases 60   $106    $6,360

Sept. 26 Purchases 150  $111   $16,650
Total 423   $44,715

(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods.

FIFO Ending Inventory...............................$
LIFO Ending Inventory .............................$

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

FIFO COGS ......................$
LIFO COGS ........................$


FIFO COGS + Ending Inventory...........................................$
LIFO COGS + Ending Inventory.............................................$

Explanation / Answer

a. FIFO ending inventory=95*103+60*106+150*111=32795

LIFO ending inventory=32*111+60*106+135*103+78*100=31617

B. FIFO cogs= 78*100+40*103=11920

LIFO COGS= 118*111=13098

FIFO COGS+Ending inventory=44715

LIFO COGS+Ending inventory=44715

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