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Pharoah Company sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Pharoah Company's purchases of WhiteOut snowboards during
Pharoah Company sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Pharoah Company's purchases of WhiteOut snowboards during September. During the same month, 115 WhiteOut snowboards were sold at $170 each. Pharoah Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Inventory 29 $100 $2.900 Sept. 1 39 Purchases 106 4,134 Sept. 12 28 Purchases 110 3,080 Sept. 19 42 112 4,704 Purchases Sept. 26 $14,818 Totals 138 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory $ $ $ Cost of goods sold $ $
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