Problem #$4$ Periodic Inventory Valuation

Elsa$$s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information

relating to Elsa$$s purchases of Xpert snowboards during September is shown below. During the

same month, $81$ Xpert snowboards were sold. Elsa$$s uses a periodic inventory system. Date

Explanation Units Unit Cost Total Cost

Sept. $1$ Inventory $36$ $ $98???$

Sept. $12$ Purchases $45102???$

Sept. $19$ Purchases $20103???$

Sept. $26$ Purchases $60105???$

Totals $??????$

Instructions

$($a$)$ Compute the ending inventory at September $30$ and cost of goods sold using the FIFO,

LIFO, and Average Cost Method. Prove the amount allocated to the cost of goods sold under

each method.

$($b$)$ For both FIFO, LIFO, and Average Cost Method, calculate the sum of ending inventory and

cost of goods sold.

$($c $)$ What do you notice about the answers you found for each method?