Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse.Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 106 110 112 Purchases Purchases Purchases Totals 21 37 20 41 119 Total Cost $2,100 3,922 2,200 4,592 $12,814
Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse.Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 106 110 112 Purchases Purchases Purchases Totals 21 37 20 41 119 Total Cost $2,100 3,922 2,200 4,592 $12,814
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to
Wildhorse Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold
at $170 each. Wildhorse Co. uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept 26
(a)
Explanation Units Unit Cost
Inventory
$100
Purchases
Purchases
Purchases
Totals
Ending inventory
Cost of goods sold
21
$
37
20
41
119
106
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
FIFO
110.
112
Total Cost
$2,100
3,922
2,200
4,592
2.240
$12,814
$
$
LIFO
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