Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the same month, 118 Xpert snowboards were sold. Snoslope uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 78 $100 $7,800
Sept. 12 Purchases 135 $103 $13,905
Sept. 19 Purchases 60 $106 $6,360
Sept. 26 Purchases 150 $111 $16,650
Total 423 $44,715
(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods.
FIFO Ending Inventory$
LIFO Ending Inventory$
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
FIFO COGS $
LIFO COGS $
FIFO COGS + Ending Inventory$
LIFO COGS + Ending Inventory$