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Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 Cost of goods sold 20 50 142 Unit Cost $97 The ending inventory at September 30 102 104 105 $ Total Cost $2,619 $ 4,590 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,080 5,250 $14,539 FIFO $ $ LIFO

Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 27 45 Cost of goods sold 20 50 142 Unit Cost $97 The ending inventory at September 30 102 104 105 $ Total Cost $2,619 $ 4,590 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,080 5,250 $14,539 FIFO $ $ LIFO

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Explanation Units Unit Cost Inventory $97 102 104 Sept. 1 Sept. 12 Sept. 19 Purchases Sept. 26 Purchases (a) Purchases Totals 27 Cost of goods sold 45 eTextbook and Media 20 | 5 142 The ending inventory at September 30 105 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ Total Cost $2,619 4,590 2,080 $ 5,250 $14,539 FIFO $ $ LIFO
Transcribed Image Text:Lisa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Lisa's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Lisa's uses a periodic inventory system. Date Explanation Units Unit Cost Inventory $97 102 104 Sept. 1 Sept. 12 Sept. 19 Purchases Sept. 26 Purchases (a) Purchases Totals 27 Cost of goods sold 45 eTextbook and Media 20 | 5 142 The ending inventory at September 30 105 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ Total Cost $2,619 4,590 2,080 $ 5,250 $14,539 FIFO $ $ LIFO
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