Reference no: EM132473328

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

Date                      Explanation                    Units                      Unit Cost                               Total Cost

Sept. 1                 Inventory                   26                         $97                                 $ 2,522

Sept. 12              Purchases                    45                        105                                     4,725

Sept. 19              Purchases                    20                       107                                        2,140

Sept. 26                Purchases                 50                           108

Totals:                                              141                                                                    $14,787

Question 1: Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.?

1. The ending inventory at September 30 FIFO LIFO
2. Cost of goods sold FIFO LIFO

Question 2: For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.?

• The sum of ending inventory and cost of goods sold FIFO LIFO