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Helens Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Helens purchases of Xpert snowboards during September is shown below.
Helens Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Helens purchases of Xpert snowboards during September is shown below. During the same month, 119 Xpert snowboards were sold. Helens uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | |||||
---|---|---|---|---|---|---|---|---|---|
Sept. | 1 | Inventory | 29 | $97 | $ 2,813 | ||||
Sept. | 12 | Purchases | 48 | 102 | 4,896 | ||||
Sept. | 19 | Purchases | 23 | 104 | 2,392 | ||||
Sept. | 26 | Purchases | 53 | 105 | 5,565 | ||||
Totals | 153 | $15,666 |
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 e Textbook and Media 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 $
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