Find the ending inventory at september

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Reference no: EM132779210

Stengel Company sells a snowboard, White-Out, that is popular with snowboard enthusiasts. Presented below is information relating to Stengel Company's purchases of White-Out snowboards during September. During the same month, 124 White-Out snowboards were sold at $160 each. Stengel Company uses a periodic inventory system.

Date Explanation Units Unit Cost Total Cost

Sept. 1 Inventory 25 $ 100 $ 2,500

Sept. 12 Purchases 45 106 4,770

Sept. 19 Purchases 24 110 2,640

Sept. 26 Purchases 50 112 5,600

Total 144 $15,510

Instructions

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

Problem (b) What is gross profit under each method?

Reference no: EM132779210

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