Peak Sports has a beginning inventory of 35 snowboards at a cost of $340 each. During the year, the company purchased 40 snowboards at $350 and 150 at $335.  First, figure the ending inventory using the specific identification method.  The ending inventory of 34 snowboards consisted of 12 from beginning inventory, 4 from the first purchase, and 18 from the last purchase.  Then figure the COGS

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A:

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Q: What is the amount of the inventory at the end of the year using the LIFO method?

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Q: 2240 13242 LIFO 2000

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A: LIFO means last in first out where as FIFO means first in first out.Inventory and cost of goods sold…