Question 7 Ivanhoe Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Ivanhoe's purchases of Xpert snowboards during September is shown below. During the same month, 237 Xpert snowboards were sold. Ivanhoe's uses a periodic inventory system. Date Units Unit Cost Total Cost 45 Explanation Inventory Purchases Purchases Sept. 1 Sept. 12 Sept. 19 Sept. 26 88 HK$996 1,044 1,064 1,145 39 HK$ 44,820 91,872 41,496 98,470 HK$276,658 Purchases 86 Totals 258 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$