Question - Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below. During the same month, 248 Xpert snowboards were sold. Linda's uses a periodic inventory system.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|
Sept. 1
|
Inventory
|
53
|
$100
|
$5,300
|
|
Sept. 12
|
Purchases
|
92
|
104
|
9,568
|
|
Sept. 19
|
Purchases
|
41
|
108
|
4,428
|
|
Sept. 26
|
Purchases
|
103
|
113
|
11,639
|
|
|
Totals
|
289
|
|
$30,935
|
(a) Compute the ending inventory at September 30 and post of goods sold using the FIFO and LIFO methods.
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.