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Compute the ending inventory at September

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Problem - Carol's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Carol's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Carol's uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

26

$95

$2,470

Sept. 12

Purchases

45

104

4,680

Sept. 19

Purchases

20

106

2,120

Sept. 26

Purchases

50

107

5,350

Totals

 

141

 

$14,620

Required - Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

Reference no: EM132472327

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