Calculate the sum of ending inventory

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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

Purchases

58

108

6,264

Sept. 26

Purchases

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.

Reference no: EM131778375

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