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103 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Part IV - Periodic Inventories (15 points) Montel sells a snowboard, Spurt, that is popular with snowboard enthusiasts. Below is information relating to Montel purchases of Spurt snowboards during September. During the same month, 120 Spurt snowboards were sold. Montel uses a periodic inventory system. Date Transaction Units Unit Cost Inventory 20 $100 Purchases 45 Purchases 20 104 Purchases 50 105 Totals 135 Instructions: (a) Compute the ending inventory at September 30 using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? 2