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Compute the ending inventory

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Reference no: EM131162546

Sherper's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper's purchases of Xpert snowboards during September is shown below. During the same month, 348 Xpert snowboards were sold. Sherper's uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

66

$101

$ 6,666

Sept. 12

Purchases

130

103

13,390

Sept. 19

Purchases

58

108

6,264

Sept. 26

Purchases

127

112

14,224

   Totals

381

$40,544

(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

Reference no: EM131162546

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