E6.5 (LO 2) Linda's Boards mation relating to La same month, 121 Xpert Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Infor- aung to Linda's purchases of Xpert snowboards during September is shown below. During the month, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system. Exerc Compute inventory and cost sold in FIFO and UFO. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Units 26 Unit Cost Total Cost $ 97 Explanation Inventory Purchases Purchases Purchases Totals 102 20 50 104 105 $ 2,522 4.590 2,080 5,250 $14.442 Instructions 141 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. 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? Compute inventory and co sold using FIFO and UFC LO 2) Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 S8 S240 15 Purchases 25 11 275 24 Purchases 12 420 Totals . 90 $935 Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. E6.7 (LO 2) Kaleta Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 120 Purchase 400 6 2.400 23 Purchase 3007 2 ,100 30 Inventory 100 U Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. b. Which costing method gives the higher ending inventory? Why? c. Which method results in the higher cost of goods sold? Why? Compute inventory and co sold using FIFO and LF