Boarders sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Boarders’s purchases of Xpert snowboards during September. During the same month, 121 Xpert snowboards were sold. Boarders uses a periodic inventory system.

Instructions

(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?

Transcribed Image Text:

Unit Cost $ 97 102 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Units Total Cost Explanation Inventory Purchases Purchases Purchases Totals $ 2,522 4,590 2,080 5,250 $14,442 26 45 20 104 50 105 141