Question

Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s purchases of Xpert snowboards during September is shown below. During the same month, 206 Xpert snowboards were sold. Linda’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 44 $99 $ 4,356 Sept. 12 Purchases 77 105 8,085 Sept. 19 Purchases 34 106 3,604 Sept. 26 Purchases 85 111 9,435 Totals 240 $25,480 Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 $Entry field with incorrect answer now contains modified data 34 $Entry field with incorrect answer 34 Cost of goods sold $Entry field with incorrect answer now contains modified data 37774 $Entry field with incorrect answer 3366 LINK TO TEXT

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance Oct1	44	99	4356	44	99	4356
Purchasse
12-Sep	77	105	8085	77	105	8085
19-Sep	34	106	3604	34	106	3604
26-Sep	85	111	9435	51	111	5661	34	111	3774
TOTAL	240		25480	206		21706	34		3774
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance Oct1	44	99	4356	10	99	990	34	99	3366
Purchasse
12-Sep	77	105	8085	77	105	8085
19-Sep	34	106	3604	34	106	3604
26-Sep	85	111	9435	85	111	9435
TOTAL	240		25480	206		22114	34		3366