Karens boards sells a snowboard, xpert, that is popular with the snowboard enthusiast. Information relating to karens purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Karens uses a periodic inventory system.
Sept 1- Inventory, units-29, Unit cost-$97, Total Cost- $2813
Sept 12- Purchases, Units-45, Unit cost- $104, Total Cost $4680
Sept 19-Purchases, Units-20, Unit Cost-$106, Total Cost $2120
Sept 26-Purchases, Units-50, Unit cost- $107, Total Cost$5350
Totals- Units-144, Total Cost-$14963
- compute the ending inventory at Sept 30 and cost of goods sold using FIFO and LIFO methods
- For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold
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