Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system.Date Explanation Units Unit Cost Total CostSept. 1 Inventory 26 $95 $ 2,470Sept. 12 Purchases 45 104 4,680Sept. 19 Purchases 20 106 2,120Sept. 26 Purchases 50 107 5,350 Totals 141 $14,620(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFOThe ending inventory at September 30 $Enter a dollar amount $Enter a dollar amountCost of goods sold $Enter a dollar amount $Enter a dollar amount

Inventory is the current assets reported in the balance sheet of the company.

Answered: Margaret’s Boards sells a snowboard,…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	26	$95	$ 2,470
Sept. 12	Purchases	45	104	4,680
Sept. 19	Purchases	20	106	2,120
Sept. 26	Purchases	50	107	5,350
	Totals	141		$14,620

(a)

Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

	FIFO	LIFO
The ending inventory at September 30	$Enter a dollar amount	$Enter a dollar amount
Cost of goods sold	$Enter a dollar amount	$Enter a dollar amount

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