Question - Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases of Xpert snowboards during September is shown below. During the same month, 191 Xpert snowboards were sold. Elsa's uses a periodic inventory system.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|
Sept. 1
|
Inventory
|
41
|
$99
|
$4,059
|
|
Sept. 12
|
Purchases
|
71
|
104
|
7,384
|
|
Sept. 19
|
Purchases
|
32
|
106
|
3,392
|
|
Sept. 26
|
Purchases
|
79
|
105
|
8,295
|
|
|
Totals
|
223
|
|
$23,130
|
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.