Elsa\'s Boards sells a snowboard, Xpert, that is popular with snowboard enthusia
ID: 2558538 • Letter: E
Question
Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Eisa's purchases of Xpert snowboards during September ia shown below. During the same month, 300 Xpert snowboards were sold. Elsa's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventony Sept. 12 Purchases 112 Sept. 19 Purchases Sept. 26 Purchases 105 64 $99 6,336 104 11,648 107 5,350 50 Totals 350 $36,354 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30s Cost of goods sold For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold FIFO LIFOExplanation / Answer
Answer:
FIFO
LIFO
Value fo ending inventory
5250
4950
Cost of goods sold
31104
31404
FIFO
LIFO
Sum of ending inventory and cost of goods sold
36354
36354
Working notes for the above answer is as under
FIFO
Beginig and purchase
Cost of goods sold
Closing
Unit
Cost
Total
Unit
Cost
Total
Unit
Cost
Total
Beginig
64
99
6336
64
99
6336
ADD:
Purchase
12-Sep
112
104
11648
112
104
11648
19-Sep
50
107
5350
50
107
5350
26-Sep
124
105
13020
74
105
7770
50
105
5250
350
36354
300
31104
50
5250
LIFO
Beginig and purchase
Cost of goods sold
Closing
Unit
Cost
Total
Unit
Cost
Total
Unit
Cost
Total
Beginig
64
99
6336
14
99
1386
50
99
4950
ADD:
Purchase
12-Sep
112
104
11648
112
104
11648
19-Sep
50
107
5350
50
107
5350
26-Sep
124
105
13020
124
105
13020
350
36354
300
31404
50
4950
FIFO
LIFO
Value fo ending inventory
5250
4950
Cost of goods sold
31104
31404
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