Sheffield sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to
Question:
Sheffield sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheffield's purchases of WhiteOut snowboards during September. During the same month, 119 WhiteOut snowboards were sold at $169 each. Sheffield uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 24 $101 $2,424 Sept. 12 Purchases 41 107 4,387 Sept. 19 Purchases 23 110 2,530 Sept. 26 Purchases 52 111 5,772 Totals 140 $15,113 (a) Compute the ending inventorv at Seotember 30 and cost of zoods sold using the FIFO and LIFO methods. (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? (C) what is gross profit under each method?