Information about Powder! is presented in E6-6. Additional data regarding Pow- Apply cost flow methods to der!’s sales of Xpert snowboards are provided below. Assume that Powder! uses a per- perpetual records.

petual inventory system.

Instructions

(a) Compute ending inventory at September 30 using FIFO, LIFO, and average cost.

(b) Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system (from E6-6).

(c) Which inventory cost flow method (FIFO, LIFO) gives the same ending inventory value under both periodic and perpetual? Which method gives different ending inventory values?

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Date Units Unit Price Sept. 5 Sale 12 $199 Sept. 16 Sale 50 199 Sept. 29 Sale 62 209 Total Cost $ 2,388 9,950 12,958 Totals 124 $25,296