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 Inventory Purchases Purchases Purchases Totals 28 45 20 50 143 Unit Cost $97 101 103 104 Total Cost $2,716 The ending inventory at September 30 $ 4,545 2,060 5,200 $14.521 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO $ LIFO
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 Inventory Purchases Purchases Purchases Totals 28 45 20 50 143 Unit Cost $97 101 103 104 Total Cost $2,716 The ending inventory at September 30 $ 4,545 2,060 5,200 $14.521 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO $ LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Inventory
Purchases
Purchases
Purchases
Totals
28
45
20
50
143
Unit Cost
$97
101
103
104
Total Cost
The ending inventory at September 30 $
$2,716
4,545
2,060
5,200
$14,521
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
FIFO
LIFO
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