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Concord sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Concord's purchases of WhiteOut snowboards during September.
Concord sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Concord's purchases of WhiteOut snowboards during September. During the same month, 120 WhiteOut snowboards were sold at $173 each. Concord uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $101 $2,626 Sept. 12 Purchases 43 105 4,515 Sept. 19 Purchases 22 Sept. 26 Purchases 52 Totals 143 22 22 110 2.420 113 5,876 $15,437 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Ending Inventory Cost of Goods Sold $ FIFO LIFO
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