Question
Please show work :) Elsa sells a snowboard, Xpert. Information relating to Elsas purchases of Xpert snowboards during September is shown. During the same month,
Please show work :)
Elsa sells a snowboard, Xpert. Information relating to Elsas purchases of Xpert snowboards during September is shown. During the same month, 111 Xpert snowboards were sold. Elsas uses a periodic inventory system.
Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 36 $95 ___
Sept. 12 Purchases 45 $101 ___
Sept. 19 Purchases 20 $103 ___
Sept. 26 Purchases 60 $108 ___
Totals = __
Please answer this:
Question 1.
Compute the ending inventory at September 30 and cost of goods sold using Average Cost Method, FIFO & LIFO. Prove the amount allocated to the cost of goods sold under each method.
Calculate the sum of ending inventory and cost of goods sold for LIFO,FIFO & average cost method.
What do you notice about the answers you found for each method?
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