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Sandhill Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sandhill Co's purchases of WhiteOut snowboards during
Sandhill Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sandhill Co's purchases of WhiteOut snowboards during September. During the same month, 120 WhiteOut snowboards were sold at $170 each. Sandhill Co. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $100 $2,600 Sept. 12 Purchases 42 106 4,452 Sept. 19 Purchases 25 110 2,750 Sept. 26 Purchases 46 112 5,152 Totals 139 $14,954 (a) 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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