Need help with problem E6-5

z, e 1:2 d i Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Marzion Electronics yearend. ion Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by "selectively choosing" which particular players to sell to the two customers? What would Marzion's cost of goods sold be if the If Marz company wished to minimize earnings? Maximize earnings Which of the two inventory methods do you recommend that Marzion use? Explain why. E6-4 Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusi- Compute inventory and cost asts. Information relating to Linda's purchases of Xpert snowboards during September is of goods sold using FIFO and shown below. During the same month, i 21 Xpert snowboards were sold. Linda's uses a uro periodic inventory system. lo Date Explanation Units Unit Cost Total Cost 26 45 Inventory Purchases s 97 102 104 s 2,522 4,590 2,080 5,250 $14,442 Sept. 19 Sept. 26Purchases50 Totals 141 Instructions (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? E6-5 Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Compute inventory and cost of goods sold using FIFO and LIFO Units Unit Cost Total Cost (LO 2) May 1 Inventory 30 15 Purchases 25 24 Purchases35 2 $240 275 420 12 Totals Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method