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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, 122 Xpert snowboards were sold. Sunburst uses a periodic inventory system.
Date - Explanation - Units - Unit Cost - Total Cost
Sept. 1 Inventory 15 $112 $1,680
Sept. 12 Purchases 42 117 4,914
Sept. 19 Purchases 20 122 2,440
Sept. 26 Purchases 52 125 6,500
Totals 129 $15,534
(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods.
The ending inventory at September 30 using the FIFO $___
The ending inventory at September 30 using the LIFO $___
b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
The sum of ending inventory and cost of goods sold
FIFO $___
LIFO $___
___
Date - Explanation - Units - Unit Cost - Total Cost
Sept. 1 Inventory 15 $112 $1,680
Sept. 12 Purchases 42 117 4,914
Sept. 19 Purchases 20 122 2,440
Sept. 26 Purchases 52 125 6,500
Totals 129 $15,534
(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods.
The ending inventory at September 30 using the FIFO $___
The ending inventory at September 30 using the LIFO $___
b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
The sum of ending inventory and cost of goods sold
FIFO $___
LIFO $___
___
Sunburst sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information...?
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