Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 Cost of goods sold 20 50 142 Unit Cost $97 The ending inventory at September 30 102 104 105 $ Total Cost $2,619 $ 4,590 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,080 5,250 $14,539 FIFO $ $ LIFO
Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 Cost of goods sold 20 50 142 Unit Cost $97 The ending inventory at September 30 102 104 105 $ Total Cost $2,619 $ 4,590 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,080 5,250 $14,539 FIFO $ $ LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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vd
subject-Accounting
Transcribed Image Text:Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a
periodic inventory system.
Date
Explanation Units Unit Cost
Inventory
$97
102
104
Sept. 1
Sept. 12
Sept. 19
Purchases
Sept. 26 Purchases
(a)
Purchases
Totals
27
Cost of goods sold
45
eTextbook and Media
20
| 5
142
The ending inventory at September 30
105
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
$
Total Cost
$2,619
4,590
2,080
$
5,250
$14,539
FIFO
$
$
LIFO
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