Reference no: EM132276457
Question - Whispering Winds's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Whispering Winds's purchases of Xpert snowboards during September is shown below. During the same month, 254 Xpert snowboards were sold. Whispering Winds's uses a periodic inventory system.
Date Explanation Units Unit cost Total cost
Sept.1 Inventory 55 $97 $5,335
Sept.12 Purchases 95 104 9,880
Sept.19 Purchases 42 109 4,578
Sept.26 Purchases 105 114 11,970
Total 297 $31,763
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
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