Question
Cullumber's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cullumber's purchases of Xpert snowboards during September is shown below.
Cullumber's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cullumber's purchases of Xpert snowboards during September is shown below. During the same month,121Xpert snowboards were sold. Cullumber's uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost
sept 1 Inventory 26 $97 $2,522
sept 12 Purchases 45 103 4,635
sept19 Purchases 20 106 2,120
sept 26 Purchases 50 110 5,500
Total 141 $14,777
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
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