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, 118 Xpert snowboards were sold. Betty’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 28 $97 $ 2,716 Sept. 12 Purchases 47 102 4,794 Sept. 19 Purchases 22 104 2,288 Sept. 26 Purchases 52 105 5,460 Totals 149 $15,258
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, 118 Xpert snowboards were sold. Betty’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 28 $97 $ 2,716 Sept. 12 Purchases 47 102 4,794 Sept. 19 Purchases 22 104 2,288 Sept. 26 Purchases 52 105 5,460 Totals 149 $15,258
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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, 118 Xpert snowboards were sold. Betty’s uses a periodic inventory system.
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|||||
---|---|---|---|---|---|---|---|---|---|
Sept.
|
1 |
Inventory
|
28
|
$97
|
$ 2,716
|
||||
Sept.
|
12 |
Purchases
|
47
|
102
|
4,794
|
||||
Sept.
|
19 |
Purchases
|
22
|
104
|
2,288
|
||||
Sept.
|
26 |
Purchases
|
52
|
105
|
5,460
|
||||
Totals
|
149
|
$15,258
|
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
|
$Enter a dollar amount
|
$Enter a dollar amount
|
||
Cost of goods sold
|
$Enter a dollar amount
|
$Enter a dollar amount
|
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