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Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during September is shown below.
Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during September is shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 27 $ 97 $ 2,619 Sept. 12 Purchases 45 101 4,545 Sept. 19 Purchases 20 103 2,060 Sept. 26 Purchases 50 104 5,200 Totals 142 $ 14,424 (a) Your answer is incorrect. 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 $ $ $ (b) 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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