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

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is