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 CostSept.1 Inventory 28 $97 $ 2,716Sept.12 Purchases 47 102 4,794Sept.19 Purchases 22 104 2,288Sept.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 LIFOThe 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

The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Answered: Betty’s Boards sells a snowboard,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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