Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases and sales of Xpert snowboards during September is shown below. During the same month, 208 Xpert snowboards were sold. Additional data regarding Elsa's sales of Xpert snowboards are provided below. Elsa's uses a perpetual inventory system.
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 45 $101 $ 4,545
Sept. 12 Purchases 77 104 8,008
Sept. 19 Purchases 34 109 3,706
Sept. 26 Purchases 86 114 9,804
Totals 242 $26,063
Date Units Unit Price Total Revenue
Sept. 5 Sale 21 $195 $4,095
Sept. 16 Sale 86 195 16,770
Sept. 29 Sale 101 210 21,210
Totals
208
$42,075
Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system.
Ending Inventory FIFO
Perpetual: Periodic:
Ending Inventory LIFO
Perpetual: Periodic: