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 (a) Explanation Units Unit Cost Inventory 27 $97 Purchases 45 101 Purchases 103 104 Purchases Totals 20 50 Cost of goods sold 142 The ending inventory at September 30 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ LA Total Cost $2,619 4,545 2,060 $ 5,200 $14,424 FIFO LA $ LIFO
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 (a) Explanation Units Unit Cost Inventory 27 $97 Purchases 45 101 Purchases 103 104 Purchases Totals 20 50 Cost of goods sold 142 The ending inventory at September 30 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ LA Total Cost $2,619 4,545 2,060 $ 5,200 $14,424 FIFO LA $ LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kimberly’s boards sells a snowboard, Xpert, that has popular snowboard enthusiasts. Information relating to Kymberly’s purchases of Xpert snowboards doing September is shown below. During the same month, 124 Xpert words were sold. Kymberly's uses a periodic inventory system.

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
(a)
Explanation Units Unit Cost
Inventory
$97
Purchases
101
Purchases
Purchases
Totals
27
45
Cost of goods sold
20
50
142
The ending inventory at September 30
103
104
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
$
Total Cost
$ 2,619
4,545
LA
2,060
5,200
$14,424
FIFO
GA
$
LIFO
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