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Sharon’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sharon’s purchases of Xpert snowboards during September is shown below. During the same month, 118 Xpert snowboards were sold. Sharon’s uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   26   $97   $ 2,522 Sept. 12   Purchases   45   105   4,725 Sept. 19   Purchases   20   107   2,140 Sept. 26   Purchases   50   108   5,400        Totals   141       $14,787       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      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   $enter a dollar amount    $enter a dollar amount

Sharon’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sharon’s purchases of Xpert snowboards during September is shown below. During the same month, 118 Xpert snowboards were sold. Sharon’s uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   26   $97   $ 2,522 Sept. 12   Purchases   45   105   4,725 Sept. 19   Purchases   20   107   2,140 Sept. 26   Purchases   50   108   5,400        Totals   141       $14,787       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      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   $enter a dollar amount    $enter a dollar amount

Century 21 Accounting Multicolumn Journal
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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Sharon’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sharon’s purchases of Xpert snowboards during September is shown below. During the same month, 118 Xpert snowboards were sold. Sharon’s uses a periodic inventory system.

Date
  
Explanation
  
Units
  
Unit Cost
  
Total Cost
Sept. 1
  
Inventory
  
26
  
$97
  
$ 2,522
Sept. 12
  
Purchases
  
45
  
105
  
4,725
Sept. 19
  
Purchases
  
20
  
107
  
2,140
Sept. 26
  
Purchases
  
50
  
108
  
5,400
   
   Totals
  
141
      
$14,787
 
 
 
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 
 
 
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
  
$enter a dollar amount 
  
$enter a dollar amount 
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