Question
Sandras Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sandras purchases of Xpert snowboards during September is shown below.
Sandras Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sandras purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Sandras uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 26 | $ 95 | $ 2,470 | ||||
Sept. 12 | Purchases | 45 | 100 | 4,500 | ||||
Sept. 19 | Purchases | 20 | 102 | 2,040 | ||||
Sept. 26 | Purchases | 50 | 103 | 5,150 | ||||
Totals | 141 | $ 14,160 |
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Your answer is incorrect.
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
FIFO | LIFO | |||
---|---|---|---|---|
The ending inventory at September 30 | $ Enter a dollar amount | $ Enter a dollar amount | ||
Cost of goods sold | $ Enter a dollar amount | $ Enter a dollar amount |
Incorrect answer icon
Your answer is incorrect.
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 | $ Enter a dollar amount | $ Enter a dollar amount |
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