Question
Larkspurs Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Larkspurs purchases of Xpert snowboards during September is shown below.
Larkspurs Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Larkspurs purchases of Xpert snowboards during September is shown below. During the same month, 296 Xpert snowboards were sold. Larkspurs uses a periodic inventory system. Date: September 1st, Explanation: Inventory, Units: 64, Unit Cost: $99, Total Cost: $6336 Date: Sept. 12th, Explanation: Purchases, Units 110, Unit Cost: $104, Total Cost: $11440 Date: Sept. 19th, Explanation: Purchases, Units: 49, Unit Cost: $106, Total Cost: $5194 Date: Sept 26th, Explanation: Purchases, Units: 123, Unit Cost: $114, Total Cost: $14022, Units Total: 346, Total Cost-Total: $36992
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at Sept. 30-
FIFO:$ LIFO:$
Cost of Goods Sold- FIFO:$ LIFO:$
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
The sum of ending inventory and cost of goods sold- FIFO:$ LIFO:$
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