Solution-Compute the ending inventory

Compute the ending inventory

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Reference no: EM131162546

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.

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

(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

Reference no: EM131162546

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Compute the ending inventory

Reference no: EM131162546

Reference no: EM131162546

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