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Compute the ending inventory at september using the fifo

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

Date            Explanation             Units              Unit Cost             Total Cost
Sept. 1 Inventory                      26                  $97                  $2,522
Sept. 12 Purchases                   45                  102                   4,590
Sept. 19 Purchases                  20                   104                    2,080
Sept. 26 Purchases                50                 105                    5,250
                    
Totals                                 141                                        $14,442

Problem 1: Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

Reference no: EM132743080

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