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Find the ending inventory at september

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Reference no: EM132779210

Stengel Company sells a snowboard, White-Out, that is popular with snowboard enthusiasts. Presented below is information relating to Stengel Company's purchases of White-Out snowboards during September. During the same month, 124 White-Out snowboards were sold at $160 each. Stengel Company uses a periodic inventory system.

Date                Explanation             Units         Unit Cost         Total Cost

Sept. 1            Inventory                25             $ 100          $ 2,500

Sept. 12          Purchases             45                  106            4,770

Sept. 19            Purchases          24                 110           2,640

Sept. 26            Purchases        50                   112        5,600

                         Total           144                                  $15,510

Instructions

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

Problem (b) What is gross profit under each method?

Reference no: EM132779210

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