Sherper”?s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information 1 answer below »

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Sherper s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper s purchases of Xpert snowboards during September is shown below. During the same month, 259 Xpert snowboards were sold. Sherper s uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

49

$97

$4,753.00

Sept. 12

Purchases

96

103

9,888

Sept. 19

Purchases

43

109

4,687

Sept. 26

Purchases

94

112

10,528

Totals

282

$29,856

(a) 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

Cost of goods sold

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

FIFO

LIFO

The sum of ending inventory and cost of goods sold

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