What do you notice about the answers you found

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Kingbird sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Kingbird's purchases of WhiteOut snowboards during September. During the same month, 119 WhiteOut snowboards were sold at $173 each. Kingbird uses a periodic inventory system.

Date Explanation Units Unit Cost Total CostSept. 1 Inventory 25 $99 $2,475Sept. 12 Purchases 41 105 4,305Sept. 19 Purchases 26 109 2,834Sept. 26 Purchases 51 112 5,712 Totals 143 $15,326

(a) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?

Reference no: EM133654989

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