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Question - Michelle's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Michelle's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Michelle'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
Required - Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
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