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

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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Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothy's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Units Unit Cost 29 Cost of goods sold 45 20 Your Answer Correct Answer (Used) 50 e Textbook and Media 144 $95 102 104 105 The ending inventory at September 30 $ Total Cost $ $ 2,755 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 4,590 2,080 5,250 $14,675 FIFO The sum of ending inventory and cost of goods sold $ 1,890 12,785 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ FIFO $ LIFO 1.710 12.965 LIFO
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