Solved: Computing ending inventory at september 30 using fifo lifo, Accounting Basics

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Computing ending inventory at september 30 using fifo lifo

Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases and sales of Xpert snowboards during September is shown below. During the same month, 196 Xpert snowboards were sold. Additional data regarding Elsa's sales of Xpert snowboards are provided below.

Elsa's uses a perpetual inventory system.

Date	Explanation Units	Units	Unit Cost	Total Cost
Sept. 1	Inventory	42	101	4242
Sept. 12	Purchases	73	103	7519
Sept. 19	Purchases	32	106	3392
Sept. 26	Purchases	81	111	8991
	Totals	228		24144

Date		Units	Unit Price	Total Revenue
Sept. 5	Sale	19	193	3667
Sept. 16	Sale	81	193	15633
Sept. 29	Sale	96	207	19872
	Totals	196		39172

Computing ending inventory at September 30 using FIFO, LIFO, and moving-average cost

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Accounting Basics: Computing ending inventory at september 30 using fifo lifo

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Accounting Basics: Computing ending inventory at september 30 using fifo lifo

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