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Compute the ending inventory at September

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Question - Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

26

$97

$2,522

Sept. 12

Purchases

45

102

4,590

Sept. 19

Purchases

20

104

2,080

Sept. 26

Purchases

50

105

5,250

Totals

 

141

 

$14,442

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

Reference no: EM132499970

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