Question

Exercise 6-05 a-b (Part Level Submission) (Video) Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Patricia's uses a periodic inventory system. Units Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Unit Cost $96 100 102 45 20 Total Cost $ 2,496 4,500 2,040 5,150 $14,186 103 (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 Click if you would like to Show Work for this question: Open Show Work

Answer 1

Ending inventory units	20	=141-121
a
FIFO:
The ending inventory at September 30	2060	=20*103
Cost of goods sold	12126	=14186-2060
LIFO:
The ending inventory at September 30	1920	=20*96
Cost of goods sold	12266	=14186-1920