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Donnas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donnas purchases of Xpert snowboards during September is shown below.
Donnas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donnas purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Donnas uses a periodic inventory system.
date | explanation | units | unit cost | total cost |
---|---|---|---|---|
9/1 | Inventory | 26 | $97 | $2,522 |
9/12 | Purchases | 45 | 101 | 4,545 |
9/19 | Purchases | 20 | 103 | 2,060 |
9/26 | Purchases | 50 | 104 | 5,200 |
totals | 141 | $14327 |
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
FIFO | LIFO | |
---|---|---|
The ending inventory at 9/30 | ||
Cost of Goods sold |
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
FIFO | LIFO | |
---|---|---|
\The sum of ending inventory and cost of goods sold |
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