Sunburst sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Sunburst's purchases of Xpert snowboards during September. During the same month, 116 Xpert snowboards were sold. Sunburst uses a periodic inventory system.

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?

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Explanation Units Unit Cost Total Cost Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 $ 1,200 4,635 2,080 5,250 Inventory Purchases 12 45 20 $100 103 104 Purchases Purchases Totals 50 127 105 $13,165