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Sherper's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper's purchases of Xpert snowboards during September is shown below. During the same month, 348 Xpert snowboards were sold. Sherper's uses a periodic inventory system.
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
66
$101
$ 6,666
Sept. 12
Purchases
130
103
13,390
Sept. 19
58
108
6,264
Sept. 26
127
112
14,224
Totals
381
$40,544
(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
Compute the equivalent units for the month for the first department and determine the costs per equivalent unit for themonth.
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