Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $ 95 $ 2,470 Sept. 12 Purchases 45 100 4,500 Sept. 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5,150 Totals 141 $ 14,160 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 2$ Cost of goods sold For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold %24

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of
Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Mary's uses a
periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
$ 2,470
26
95
Sept. 12
45
100
Purchases
4,500
Sept. 19
Purchases
20
102
2,040
Sept. 26
Purchases
50
103
5,150
Totals
141
$ 14,160
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
Cost of goods sold
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
FIFO
LIFO
The sum of ending inventory and cost of goods sold
%24
%24
Transcribed Image Text:Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $ 2,470 26 95 Sept. 12 45 100 Purchases 4,500 Sept. 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5,150 Totals 141 $ 14,160 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 Cost of goods sold For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold %24 %24
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