Sheridan sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheridan's purchases of WhiteOut snowboards during September. During the same month, 128 WhiteOut snowboards were sold at $171 each. Sheridan uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $99 Purchases Purchases Purchases Totals Ending Inventory $ 23 Cost of Goods Sold $ 49 22 55 149 105 FIFO 111 112 Total Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $2,277 5,145 2,442 6,160 $16,024 $ $ LIFO

Sheridan sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheridan's purchases of WhiteOut snowboards during September. During the same month, 128 WhiteOut snowboards were sold at $171 each. Sheridan uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $99 Purchases Purchases Purchases Totals Ending Inventory $ 23 Cost of Goods Sold $ 49 22 55 149 105 FIFO 111 112 Total Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $2,277 5,145 2,442 6,160 $16,024 $ $ LIFO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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