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Exercise 6-05 a-b Novak's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Novak's purchases of Xpert snowboards during
Exercise 6-05 a-b Novak's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Novak's purchases of Xpert snowboards during September is shown below. During the same month, 151 Xpert snowboards were sold. Novak's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 33 $100 $3,300 Purchases 56 103 5,768 Sept. 19 Sept. 26 Purchases 25 109 2,725 Purchases 63 110 6,930 Totals 177 $18,723 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 Cost of goods sold FIFO LIFO
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