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Lauras Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lauras purchases of Xpert snowboards during September is shown below.

Lauras Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lauras purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Lauras uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

26

$97

$ 2,522

Sept. 12

Purchases

45

103

4,635

Sept. 19

Purchases

20

105

2,100

Sept. 26

Purchases

50

106

5,300

Totals

141

$14,557

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

$Enter a dollar amount

$Enter a dollar amount

Cost of goods sold

$Enter a dollar amount

$Enter a dollar amount

eTextbook 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

$Enter a dollar amount

$Enter a dollar amount

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