Question

Exercise 6-4 (Part Level Submission) 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, 123 Xpert snowboards were sold. Linda's uses a periodic inventory system. Units 27 Unit Cost $100 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 105 Explanation Inventory Purchases Purchases Purchases Totals 46 20 106 110 Total Cost $ 2,700 4,830 2,120 5,610 $15,260 52 144 (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

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Answer are highlighted in yellow: Solution: a) FIFO LIFO $ 2,310 $ 2,100 $ 12,950 $ 13,160 Ending Inventory Cost of goods sold Working: Ending Inventory FIFO Goods avaiable for sale Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 27 $ 100.00 $ 2,700 46 $ 105.00l$ 4,830 20 $ 106.00$ Date 27 $ 100.00 $ 2,700 Sep.01 Sep.12 46 $ 105.00 $ 20 $ 106.00|s 51 $ 110.00|s 4,830 Sep.19 2,120 2,120 21 $ 110.00s 5,610 30 $ 110.00 $ Sep.26 3,300 2,310 $ 12,950 Total $ 15,260 144 123 21 2,310 LIFO Goods avaiable for sale Cost of Goods Sold Ending Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 6 $ 100.00| $ Date 27 $ 100.00 $ 21 $ 100.00|$ Sep.01 600 2,100 2,700 46 $ 105.00|$ 46 $ 105.00 $ Sep.12 4,830 4,830 20 $ 106.00 $ 2,120 20 $ 106.00ls Sep.19 2,120 51 $ 110.00 s 51 $ 110.00 $ 5,610 Sep.26 5,610 $ 15,260 Total $ 13,160 21 144 123 2,100