### Snowboard Inventory and Cost Analysis**Mary’s Boards** sells a popular snowboard model, Xpert. Below is the purchase information for Xpert snowboards during the month of September. During this period, 121 Xpert snowboards were sold. Mary’s Boards uses a periodic inventory system.#### Inventory Details:| 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 |#### Task:Compute the ending inventory at September 30 and the cost of goods sold using the FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) methods.#### FIFO and LIFO Calculation:**FIFO:**- **Ending Inventory at September 30:** $[Blank]- **Cost of Goods Sold:** $[Blank]**LIFO:**- **Ending Inventory at September 30:** $[Blank]- **Cost of Goods Sold:** $[Blank]#### Total Calculation: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: | $[Blank] | $[Blank] |This exercise is ideal for understanding inventory valuation methods and their financial implications.

Given, Number of units sold = 121 (i) Calculation FIFO Calculation LIFO The ending inventory at September 30 20 x $103 = $2060 20 x $95 = $1,900 Cost of goods sold $2470 + $4500 + $2040 + (30 x $103) = $12,100 $5150 + $2040 + $4500 + (6 x $95) = $12,260(ii) Calculation FIFO Calculation LIFO Sum of ending inventory and Cost of goods sold $2060 + $12,100 = $14,160 $1,900 + $12,260 = $14,160

Business

Accounting

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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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