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Dorothys Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothys purchases of Xpert snowboards during September is shown below.

Dorothys Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothys purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothys uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

29

$ 95

$ 2,755

Sept. 12

Purchases

45

102

4,590

Sept. 19

Purchases

20

104

2,080

Sept. 26

Purchases

50

105

5,250

Totals

144

$ 14,675

A) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

FIFO

LIFO

The ending inventory at September 30

$ enter a dollar amount

$ enter a dollar amount

Cost of goods sold

$ enter a dollar amount

$ enter a dollar amount

B) 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

$ enter a dollar amount

$ enter a dollar amount

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