Question
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below.
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month,121Xpert snowboards were sold. Patricia's uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 26 $96 $2,496
Sept. 12 Purchases 45 100 4,500
Sept. 19 Purchases 20 102 2,040
Sept. 26 Purchases 50 103 5,150
Totals 141 $14,186
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
The ending inventory at September 30
FIFO $________
LIFO $________
Cost of goods sold
FIFO $________
LIFO $________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started