What is gross profit for FIFO?

What is gross profit for LIFO?

Skysong sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Skysong's purchases of WhiteOut snowboards during September. During the same month, 115 WhiteOut snowboards were sold at $175 each. Skysong uses a periodic inventory system. Date -Sept. 12 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory Purchases Purchases - Purchases Totals 26 43 24 -140 SIOT $2,626 4,601 2,616 5217 $15,060 Computethe ending inventory atseptember go and cost ofgoods sold usingthe FIFO and LIFO methods. LIFO FIFO Ending Inventory Cost of Goods Sold eTextbook and Media Q Search Skysong sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Skysong's purchases of WhiteOut snowboards during September. During the same month, 115 WhiteOut snowboards were sold at $175 each. Skysong uses a periodic inventory system. Date -Sept. 12 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory Purchases Purchases - Purchases Totals 26 43 24 -140 SIOT $2,626 4,601 2,616 5217 $15,060 Computethe ending inventory atseptember go and cost ofgoods sold usingthe FIFO and LIFO methods. LIFO FIFO Ending Inventory Cost of Goods Sold eTextbook and Media Q Search