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 CostSept. 1 Inventory 26 $97 $ 2,522Sept. 12 Purchases 45 105 4,725Sept. 19 Purchases 20 107 2,140Sept. 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 LIFOThe 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 LIFOThe sum of ending inventory and cost of goods sold $enter a dollar amount $enter a dollar amount

Answer) Cost of goods and value of ending inventory using FIFO method, periodic inventory system…

Answered: Sharon’s Boards sells a snowboard,…

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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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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