### Windsor's Boards: Inventory and Cost of Goods Sold Calculation for Xpert SnowboardsWindsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor’s purchases of Xpert snowboards during September is shown below. During the same month, 303 Xpert snowboards were sold. Windsor’s uses a periodic inventory system.#### Purchases and Inventory Data:| Date | Explanation | Units | Unit Cost | Total Cost ||-------------|-------------|-------|-----------|------------|| Sept. 1 | Inventory | 65 | $100 | $6,500 || Sept. 12 | Purchases | 113 | $104 | $11,752 || Sept. 19 | Purchases | 50 | $108 | $5,400 || Sept. 26 | Purchases | 125 | $113 | $14,125 || **Totals** | | **353** | | **$37,777** |### Computation Tasks:(a) **Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.**The table presents two columns – FIFO and LIFO – where calculations will be inserted for:- **The ending inventory at September 30**- **Cost of goods sold**| | FIFO | LIFO ||--------------|------|------|| The ending inventory at September 30 | $ | $ || Cost of goods sold | $ | $ |### Explanation of Methods:**FIFO (First In, First Out):**The FIFO method assumes that the oldest inventory items are sold first. Therefore, the ending inventory consists of the most recently purchased items.**LIFO (Last In, First Out):**The LIFO method assumes that the newest inventory items are sold first. Thus, the ending inventory consists of the oldest items in stock.By using these methods, Windsor’s Boards will be able to accurately measure the value of their unsold inventory and the cost of goods that were sold during September.*Note: Fill the appropriate values by performing the FIFO and LIFO calculations based on the given data.*

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Description: ### Windsor's Boards: Inventory and Cost of Goods Sold Calculation for Xpert SnowboardsWindsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor’s purchases of Xpert snowboards during Sept

Ending inventory (in units) on September 30: = number of units available - number of units sold…

Business

Accounting

Windsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor's purchas of Xpert snowboards during September is shown below. During the same month, 303 Xpert snowboards were sold. Windsor's uses periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 65 113 50 125 353" Unit Cost $100 104 108 113 Total Cost $6,500 11,752 5,400 14,125 $37,777

Windsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor's purchas of Xpert snowboards during September is shown below. During the same month, 303 Xpert snowboards were sold. Windsor's uses periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 65 113 50 125 353" Unit Cost $100 104 108 113 Total Cost $6,500 11,752 5,400 14,125 $37,777

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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