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Elsas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsas purchases of Xpert snowboards during September is shown below.
Elsas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsas purchases of Xpert snowboards during September is shown below. During the same month, 225 Xpert snowboards were sold. Elsas uses a periodic inventory system.
Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Total Cost $4,848 8,652 4,033 9,765 $27,298 Inventory Purchases Purchases Purchases 48 84 37 93 262 $101 103 109 105 Totals 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 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 soldStep by Step Solution
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