1.Super Duper Company sells top-of-the-line skateboards. Super Duper is concerned about maintaining high earnings and has chosen to use the periodic FIFO method of inventory costing. At the beginning of the year, Super Duper had 5,000 skateboards in inventory, each costing $20. In April, Super Duper purchased 2,000 skateboards at a cost of $22 and in August, purchased 4,000 more at a cost of $23. During the year, Super Duper sold 9,000 skateboards for $40 each.

Answer: inventory at end = 2000 @ $23=46000

cost of goods sold = 100000+44000+46000 =190000

profit =360000- 190000 =170000

2.Assume the same facts as problem 1 above, except that Super Duper is more concerned with minimizing taxes and uses LIFO. Determine Super Duper's cost of goods sold using LIFO.

Answer: cost of goods sold under lifo = 60000+44000+92000= 196000

profit = 360000 -196000 = 164000

How do I do these --> a. Record each purchase Super Duper made.

b. Determine Super Duper's cost of goods sold using FIFO.