Apply cl records. Sept. 5 50 *E6.18 (LO 5) Information about Linda's Boards is presented in E6.5. Additional data regarding Linda's sales of Xpert snowboards are provided below. Assume that Linda's uses a perpetual inventory system Date Units Unit Price Total Revenue $199 $ 2,388 Sept. 16 Sale 199 9,950 Sept. 29 Sale 209 12,331 Totals $24,669 Instructions a. Compute ending inventory at September 30 using FIFO, LIFO, and moving average cost. (Round average cost per unit to nearest cent.) b. Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system (from E6.5). e. 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? Exer E6.5 (LO2) Linda's Boar mation relating to Linda same month, 121 Xpert snowbos " Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Infor ating to Linda's purchases of Xpert snowboards during September is shown below. During the nth, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system. Compute inventory and cos solding FIFO and UFO Units Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Unit Cost $ 97 26 Explanation Inventory Purchases Purchases Purchases Totals 45 20 102 104 Total Cost $ 2.522 4,590 2.080 5.250 $14.442 50 105 141 Instructions a. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. D. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? TEC Unit Cost Date 01-Sep 12-Sep 19-Sep 26-Sep Closing Inventory Sales Units-Opening Inventory +Purchases Closing Inventory=(141-121) FIFO Method Unit Beginning Inventory 26 Add: Purchases Add: Purchases Add: Purchases Cost of goods available for sale Less: ending Inventory Cost of goods sold Proof Units Unit cost Amount 97.00 S 102.00 S 104.00 S 105.00 S 2,522,00 4,590.00 2,080.00 5,250,00 14,442,00 -2,100.00 12.342.00 30-Sep 105.00 26 Date 01-Sep 12-Sep 19-Sep 26-Sep 45 102 Total cost 2522 4590 2080 3150 12342 104 105 LIFO Method Unit Unit Cost Date 01-Sep 26 12-Sep 19-Sep Amount 97.00 S 102.00 104.00 105.00 S 26-Sep Beginning Inventory Add: Purchases Add: Purchases Add: Purchases Cost of goods available for sale Less: ending Inventory Cost of goods sold Proof Units 2.522.00 4,590,00 2,080,00 5,250.00 14,442.00 -1.940.00 12,502.00 . S 30-Sep 97.00 $ Unit cost Date 01-Sep 12-Sep Total cost 97.00 $ 102.00 $ 104.00 $ 105.00 $ 19-Sep 582.00 4,590.00 2,080.00 5,250.00 12,502.00 26-Sep 121 FIFO Method b) Ending Inventory S Cost of goods sold S Total LIFO Method 2,100.00 $ 12,342.00 $ 14,442,00 $ 1,940.00 12,502.00 14.442.00 cost of goods available for sale is same under both methods Apply cl records. Sept. 5 50 *E6.18 (LO 5) Information about Linda's Boards is presented in E6.5. Additional data regarding Linda's sales of Xpert snowboards are provided below. Assume that Linda's uses a perpetual inventory system Date Units Unit Price Total Revenue $199 $ 2,388 Sept. 16 Sale 199 9,950 Sept. 29 Sale 209 12,331 Totals $24,669 Instructions a. Compute ending inventory at September 30 using FIFO, LIFO, and moving average cost. (Round average cost per unit to nearest cent.) b. Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system (from E6.5). e. 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? Exer E6.5 (LO2) Linda's Boar mation relating to Linda same month, 121 Xpert snowbos " Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Infor ating to Linda's purchases of Xpert snowboards during September is shown below. During the nth, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system. Compute inventory and cos solding FIFO and UFO Units Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Unit Cost $ 97 26 Explanation Inventory Purchases Purchases Purchases Totals 45 20 102 104 Total Cost $ 2.522 4,590 2.080 5.250 $14.442 50 105 141 Instructions a. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. D. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? TEC Unit Cost Date 01-Sep 12-Sep 19-Sep 26-Sep Closing Inventory Sales Units-Opening Inventory +Purchases Closing Inventory=(141-121) FIFO Method Unit Beginning Inventory 26 Add: Purchases Add: Purchases Add: Purchases Cost of goods available for sale Less: ending Inventory Cost of goods sold Proof Units Unit cost Amount 97.00 S 102.00 S 104.00 S 105.00 S 2,522,00 4,590.00 2,080.00 5,250,00 14,442,00 -2,100.00 12.342.00 30-Sep 105.00 26 Date 01-Sep 12-Sep 19-Sep 26-Sep 45 102 Total cost 2522 4590 2080 3150 12342 104 105 LIFO Method Unit Unit Cost Date 01-Sep 26 12-Sep 19-Sep Amount 97.00 S 102.00 104.00 105.00 S 26-Sep Beginning Inventory Add: Purchases Add: Purchases Add: Purchases Cost of goods available for sale Less: ending Inventory Cost of goods sold Proof Units 2.522.00 4,590,00 2,080,00 5,250.00 14,442.00 -1.940.00 12,502.00 . S 30-Sep 97.00 $ Unit cost Date 01-Sep 12-Sep Total cost 97.00 $ 102.00 $ 104.00 $ 105.00 $ 19-Sep 582.00 4,590.00 2,080.00 5,250.00 12,502.00 26-Sep 121 FIFO Method b) Ending Inventory S Cost of goods sold S Total LIFO Method 2,100.00 $ 12,342.00 $ 14,442,00 $ 1,940.00 12,502.00 14.442.00 cost of goods available for sale is same under both methods