Exercise 6-05 a-b (Video) Laura\'s Boards sells a snowboard, Xpert, that is popu

Question

Exercise 6-05 a-b (Video) Laura's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Laura's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Laura's uses a periodic inventory system Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Total Cost 2,522 4,635 2,100 5,300 $14,557 Inventory Purchases Purchases Purchases $97 103 105 106 26 20 50 141 Totals 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 s Cost of goods sold LINK TO TEXT 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 solds Click if vou would like to Show Work for this auestion: Open Show Work

Explanation / Answer

For FIFO Cost of good sold = 26*97+45*103+20*105+30*106 = $12437

Ending inventory = 14557-12437 = $2120

For LIFO Cost of good sold = 50*106+20*105+45*103+6*97 = $12617

Ending inventory = 14557-12617 = $1940

For Both LIFO and FIFO, sum of ending inventoy and cost of goods sold is $14557

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