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, 259 Xpert snowboards were sold. Sherper s uses a periodic inventory system.
| Date | Explanation | Units | Unit Cost | Total Cost | ||||
| Sept. 1 | Inventory | 49 | $97 | $4,753.00 | ||||
| Sept. 12 | Purchases | 96 | 103 | 9,888 | ||||
| Sept. 19 | Purchases | 43 | 109 | 4,687 | ||||
| Sept. 26 | Purchases | 94 | 112 | 10,528 | ||||
| Totals | 282 | $29,856 |
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
| FIFO | LIFO | |||
| The ending inventory at September 30 | ||||
| Cost of goods sold |
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
| FIFO | LIFO | |||
| The sum of ending inventory and cost of goods sold |
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