View 125% Zoom + Add Page T Insert Tabla Graph Text Shape Media Comment E6-4 Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Elsa's uses a periodic inventory system. Date Sept. 1 Sept. 12 Explanation Inventory Units Unit Cost 26 $ 97 Total Cost $ 2,522 Purchases 45 102 4,590 Sept. 19 Purchases 20 104 2,080 Sept. 26 Purchases 50 105 5,250 Totals 141 $14,442 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? *E6-17 Information about Elsa's Boards is presented in E6-4. Additional data regarding Elsa's sales of Xpert snowboards are provided below. Assume that Elsa's uses a perpetual inventory system. Units Unit Price $199 Total Revenue BLITY Date Sept. 5 Sept. 16 Sept. 29 Sale Sale 12 Sale 50 59 Totals 121 199 209 $ 2,388 9,950 12,331 $24,669 Instructions (a) Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (b) Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system (from E6-4). (c) Which inventory cost flow method (FIFO, LIFO) gives the same ending inventory value under both periodic and perpetual? Which method gives different ending inven tory values? O words Collaborate Update Apple ID Settings Some account services will not be available until you sign in again. Enemat Document View Nothing selected. Select an object or text to format.