Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Donna's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 28 $97 Purchases (b) Purchases Purchases Totals Solution 45 20 Your Answer Correct Answer 50 Cost of goods sold 143 * Your answer is incorrect. The ending inventory at September 30 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 101 103 104 The sum of ending inventory and cost of goods sold $ Total Cost $2,716 4,545 2,060 5,200 $14,521 $ FIFO 9321 FIFO 0 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ $ LIFO 11805 LIFO 0 Attempts: 1 of 1 used

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's
purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards
were sold. Donna's uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
(a)
Explanation Units Unit Cost
Inventory
28
$97
Purchases
101
103
(b)
Purchases
Purchases
Totals
Solution
45
20
50
Your Answer Correct Answer
143
* Your answer is incorrect.
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
The ending inventory at September
30
Cost of goods sold
104
The sum of ending inventory and cost
of goods sold
$
Total Cost
$ 2,716
4,545
2,060
5,200
$14,521
$
FIFO
9321
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
FIFO
0
$
$
LIFO
11805
LIFO
0
Attempts: 1 of 1 used
Transcribed Image Text:Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Donna's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 28 $97 Purchases 101 103 (b) Purchases Purchases Totals Solution 45 20 50 Your Answer Correct Answer 143 * Your answer is incorrect. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 Cost of goods sold 104 The sum of ending inventory and cost of goods sold $ Total Cost $ 2,716 4,545 2,060 5,200 $14,521 $ FIFO 9321 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO 0 $ $ LIFO 11805 LIFO 0 Attempts: 1 of 1 used
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