Pronghorn Corp sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Pronghorn Corp's purchases of WhiteOut snowboards during September. During the same month, 120 WhiteOut snowboards were sold at $170 each. Pronghorn Corp uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 30 $100 $3,000 Sept. 12 Purchases 41 106 4,346 Sept. 19 Purchases 29 110 3,190 Sept. 26 Purchases 48 112 5,376 * 1 Totals 148 $15.912 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 $ $ For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold $ $ What do you notice about the answers you found for each method? Under both methods, the sum of the ending inventory and cost of goods sold are What is gross profit under each method? FIFO LIFO Gross profit $ Which method results in a larger amount reported for assets on the balance sheet? Which results in a larger amount reported for stockholders' equity on the balance sheet