FIFO | LIFO | |
The ending inventory at September 30 | $2,060 | $1,900 |
Cost of goods sold | $12,100 | $12,260 |
FIFO | LIFO | |
The sum of ending inventory and cost of goods sold ($2,060 + $12,100); ($1,900 + $12,260) | $14,160 | $14,160 |
Working notes:
Sept. 1 Inventory | 26 | ||
Add: Purchases - | |||
Sept. 12 | 45 | ||
Sept. 19 | 20 | ||
Sept. 26 | 50 | ||
Total units available | 141 | ||
Less: Units sold | 121 | ||
Units in Ending Inventory | 20 | ||
FIFO: | Units (a) | Unit Cost (b) | Total Cost (a*b) |
Ending Inventory from - | |||
Sept. 26 Purchases | 20 | $103 | $2,060 |
Cost of Ending Inventory under FIFO | 20 | $2,060 | |
Cost of goods sold from - | |||
Sept. 1 Inventory | 26 | $95 | $2,470 |
Sept. 12 Purchases | 45 | $100 | $4,500 |
Sept. 19 Purchases | 20 | $102 | $2,040 |
Sept. 26 Purchases (50 - 20) | 30 | $103 | $3,090 |
Cost of goods sold under FIFO | 121 | $12,100 | |
LIFO: | Units (a) | Unit Cost (b) | Total Cost (a*b) |
Ending Inventory from - | |||
Sept. 1 Inventory | 20 | $95 | $1,900 |
Cost of Ending Inventory under LIFO | 20 | $1,900 | |
Cost of goods sold from - | |||
Sept. 26 Purchases | 50 | $103 | $5,150 |
Sept. 19 Purchases | 20 | $102 | $2,040 |
Sept. 12 Purchases | 45 | $100 | $4,500 |
Sept. 1 Inventory (26 - 20) | 6 | $95 | $570 |
Cost of goods sold under LIFO | 121 | $12,260 |
Exercise 6-05 a-b (Video) Sandra's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts....
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Mary's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $95 $2,470 451004,500 Sept. 12 Purchases Sept. 19 Purchases 2,040 5,150 Sept. 26 Purchases Totals $14,160 Compute the ending inventory at September 30 and cost of goods sold using the...
Exercise 6-05 a-b (Video) Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Dorothy's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost $ 2,470 Inventory $95 Sept. 1 26 4,590 Sept. 12 Purchases 45 102 Purchases 104 Sept. 19 20 2,080 5,250 50 Purchases Sept. 26 105 $14,390 141 Totals Compute...
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)...
Exercise 6-05 a-b (Part Level Submission) (Video) Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Dorothy's uses a periodic inventory system Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Total Cost $2,470 4,590 2,080 5,250 $14,390 Inventory Purchases Purchases Purchases Totals 26 45 20 50 141 $95 102 104...
Exercise 6-5 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, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost 26 45 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases Purchases $97 102 104 $ 2,522 4,590 2,080 5,250 20 105 Totals 141 $14,442 Compute the ending inventory...
Betty’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Betty’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Betty’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $96 $ 2,496 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,646 (a) Your answer is correct....
Betty’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Betty’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Betty’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $96 $ 2,496 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,646 (a) Compute the ending inventory...
ett Discover Current Attempt in Progress Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Mary's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $2.470 Sept. 12 Purchases 4,500 Sept. 19 Purchases 2,040 Sept. 26 Purchases 5.150 Totals $14,160 Compute the ending inventory at September 30 and cost...
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, 151 Xpert snowboards were sold. Linda’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 33 $100 $ 3,300 Sept. 12 Purchases 56 103 5,768 Sept. 19 Purchases 25 109 2,725 Sept. 26 Purchases 63 110 6,930 Totals 177 $18,723 A) Compute the ending inventory...
Sharon’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sharon’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Sharon’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $97 $ 2,522 Sept. 12 Purchases 45 105 4,725 Sept. 19 Purchases 20 107 2,140 Sept. 26 Purchases 50 108 5,400 Totals 141 $14,787 Compute the ending inventory at...