sunburst sells a snowboard xpert that is popular with snowboard enthusiasts below 533817
Sunburst sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Sunburst”s purchases of Xpert snowboards during September. During the same month, 116 Xpert snowboards were sold. Sunburst uses a periodic inventory system.
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sunburst sells a snowboard xpert that is popular with snowboard enthusiasts below 533817
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Explanation |
Units |
Unit Cost |
Total Cost |
|
Sept. 1 |
Inventory |
12 |
$100 |
$1,200 |
|
Sept. 12 |
Purchases |
45 |
103 |
4,635 |
|
Sept. 19 |
Purchases |
20 |
104 |
2,080 |
|
Sept. 26 |
Purchases |
50 |
105 |
5,250 |
|
Totals |
127 |
$13,165 |
Instructions
(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?
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