Sherper's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper's purchases of Xpert snowboards during September is shown below. During the same month, 348 Xpert snowboards were sold. Sherper's uses a periodic inventory system.
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|
Sept. 1
|
Inventory
|
66
|
$101
|
$ 6,666
|
|
Sept. 12
|
Purchases
|
130
|
103
|
13,390
|
|
Sept. 19
|
Purchases
|
58
|
108
|
6,264
|
|
Sept. 26
|
Purchases
|
127
|
112
|
14,224
|
|
Totals
|
381
|
|
$40,544
|
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.