Exercise 6-4 Linda\'s Boards sells a snowboard, Xpert, that is popular with snow

Question

Exercise 6-4 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, 303 Xpert snowboards were sold. Linda's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Prchases Sept. 19 Purchases Sept. 26 65 113 50 125 353 6,370 11,865 5,350 11013,750 Inventory $98 105 107 Purchases 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 Cost of goods sold s LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: APPLIED SKILLS 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

Explanation / Answer

The ending inventory at Sep 30: FIFO 5500 =50*110 LIFO 4900 =50*98 Cost of goods sold: FIFO 31835 =37335-5500 LIFO 32435 =37335-4900 Sum of ending inventory and cost of goods sold: FIFO 37335 =5500+31835 LIFO 37335 =4900+32435

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