Exercise 6-05 a-b (Video) Laura\'s Boards sells a snowboard, Xpert, that is popu
ID: 2436691 • Letter: E
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 WorkExplanation / Answer
1)
FIFO
LIFO
Ending inventory at September 30
2120
1940
Cost of good sold
12,437
12,617
2)
FIFO
LIFO
Sum of ending inventory and cost of goods sold
14,557
14,557
Working:
FIFO
COGS
Unit
Unit cost
Total cost
Sep-01
26
97
2522
Sep-12
45
103
4635
Sep-19
20
105
2100
Sep-26
30
106
3180
121 units
12437
Ending inventory
Sep-26
20
106
2120
LIFO
COGS
Sep-26
50
106
5300
Sep-19
20
105
2100
Sep-12
45
103
4635
Sep-01
6
97
582
121 units
12617
Ending inventory
Sep-01
20
97
1940
FIFO
LIFO
Ending inventory at September 30
2120
1940
Cost of good sold
12,437
12,617