Linda\'s Boards sells a snowboard, Xpert, that is popular with snowboard enthusi

Question

Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below. During the same month, 139 Xpert snowboards were sold. Linda's uses a periodic inventory system DateExplanaion Units Unit Cost Total Cost $2,970 5,408 2,484 6,670 $17,532 Inventory ept. 12 Purchases ses Sept. 26 Purchases 30 52 23 58 163 $99 104 108 115 Sept. 1 Sept. 19 Purcha Totals 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 30 Cost of goods sold LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: APPLIED SKILLS For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold FIFO LIFO The sum of ending inventory and cost of goods sold

Explanation / Answer

FIFO LIFO Ending inventory 2760 =24*115 2376 =24*99 Cost of goods sold 14772 =(30*99)+(52*104)+(23*108)+(34*115) 15156 =(58*115)+(23*108)+(52*104)+(6*99) FIFO LIFO Sum of ending inventory and cost of goods sold 17532 =2760+14772 17532 =2376+15156

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