Exercise 6-04 a-b On December 1, Sheridan Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $160. One of the three DVD players left in stock, with serial =1012, was purchased on June 1 at a cost of $100. Another, with serial =1045, was purchased on November 1 for $84. The last player, serial =1056, was purchased on November 30 for $70. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Sheridan Electronics' year-end. Cost of goods solds LINK TO TEXT If Sheridan Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by "selectively choosing" which particular players to sell to the two customers? What would Sheridan's cost of goods sold be if the company wished to minimize earnings? Maximize earnings? Cost of goods sold would be s if it wished to minimise the earnings. Cost of goods sold would be s if it wished to maximise the earnings. Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Exercise 6-05 a-b (Video) Margaret's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 595 $ 2,470 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,620 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 $ S LINK TO TEXT 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 $ $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR EXERCISE