Maria’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Maria’s purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Maria’s uses a periodic inventory system.Date Explanation Units Unit Cost Total CostSept. 1 Inventory 28 $97 $ 2,716Sept. 12 Purchases 45 102 4,590Sept. 19 Purchases 20 104 2,080Sept. 26 Purchases 50 105 5,250 Totals 143 $14,636 (a)Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.FIFOLIFOThe ending inventory at September 30$Cost of goods sold$eTextbook and MediaSave for Later(b)For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.FIFOLIFOThe sum of ending inventory and cost of goods sold$$eTextbook and MediaSave for Later

a. LIFO: Cost of good available for sale(143 units)=$14,636 Less: ending Inventory(23×97)=$2,231…

Answered: Explanation Units Unit Cost…

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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Maria’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Maria’s purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Maria’s uses a periodic inventory system.

Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	28	$97	$ 2,716
Sept. 12	Purchases	45	102	4,590
Sept. 19	Purchases	20	104	2,080
Sept. 26	Purchases	50	105	5,250
	Totals	143		$14,636

(a)
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
$
Cost of goods sold
$
eTextbook and Media
Save for Later
(b)
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
FIFO
LIFO
The sum of ending inventory and cost of goods sold
$
$
eTextbook and Media
Save for Later

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