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Question - Maria's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Maria's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Maria's uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
28
$97
$2,716
Sept. 12
Purchases
45
102
4,590
Sept. 19
20
104
2,080
Sept. 26
50
105
5,250
Totals
143
$14,636
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
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