Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during Septemberis shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 20 50 142 Unit Cost $97 101 103 104 Total Cost $2,619 4,545 2,060 5,200 $14,424
Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during Septemberis shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 20 50 142 Unit Cost $97 101 103 104 Total Cost $2,619 4,545 2,060 5,200 $14,424
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(b)
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
The sum of ending inventory and cost of goods sold $
FIFO
$
LIFO
Transcribed Image Text:Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases
of Xpert snowboards during September is shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a
periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units Unit Cost
Inventory
$97
Purchases
101
Purchases
Purchases
Totals
27
45
20
50
142
103
104
Total Cost
$2,619
4,545
2,060
5,200
$14,424
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Step 1: Inventory valuation methods -FIFO and LIFO :
VIEWStep 2: Calculation of cost of goods sold and cost of ending inventory by using FIFO (Periodic) :
VIEWStep 3: Calculation of cost of goods sold and cost of ending inventory by using LIFO (Periodic) :
VIEWStep 4: b) Calculation of the sum of ending inventory and cost of goods sold under FIFO and LIFO :
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