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Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the
Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the same month, 118 Xpert snowboards were sold. Snoslope uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $98 $1,372 Sept. 12 Purchases 45 102 4,590 Sept. 19 Purchases 20 104 2,080 Sept. 26 Purchases 50 105 5,250 Totals 129 $13,292 (a) Compute the ending inventory at September 30 using the FIFO and LIFO methods. FIFO Ending Inventory $ LIFO Ending Inventory $ (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO COGS $ LIFO COGS $
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