Sheridan\'s Beards sells a snowboard, the same month, 206 Xpert snowboards were

Question

Sheridan's Beards sells a snowboard, the same month, 206 Xpert snowboards were sold. Sheridan's uses a periodic inventory' system Xpert, that is popular with snowboard enthusiasts. Information relating to Sheridan's purchases of Xpert snowboards during September is shown below. During 1 Inventory Sept. Sept. 12 Purchases 77 Sept. 19 Parchases Sept. 26 Purchases 5 111 $99 4,356 105 8,085 3,604 9,435 34 Totals Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods LIFO The ending mentory at September 30 Cost of goods sold For both rtrand LIPO, calculate the sum of ending inventory and cost of goods sold. The sum of ending inventory and cost of goods solds Question Attempts: o of 3 used SAVE FOR LATER SURNT ANSWER re to search

Explanation / Answer

Calculate ending inventory and cost of goods sold under FIFO and LIFO :

Calculate sum of ending inventory and cost of goods sold :

FIFO LIFO The ending inventory at september 30 34*111=3774 34*99=3366 Cost of goods sold 25480-3774=21706 25480-3366=22114

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