Question
Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below.
Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below. During the same month,121Xpert snowboards were sold. Linda's uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1Inventory26
$97
$2,522
Sept. 12Purchases45
102
4,590
Sept. 19Purchases20
104
2,080
Sept. 26Purchases50
105
5,250
Totals141
$14,442
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
FIFO
LIFO
The ending inventory at September 30$
$
Cost of goods sold$
$
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