Xpert Inventory - $12,372 Calculation of Cost of Goods Sold...

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Boarders   sells   a   snowboard   Xpert,   that   is   popular   with   snowboard   enthusiasts.   Below   is  information relating to Boarder's purchases of Xpert snowboards during September. During the  same month, 121 Xpert snowboards were sold. Boarders uses a periodic inventory system Calculation of Cost of Goods Sold FIFO Date Units Cost Total Sept 1 26 $97 $2,552 Sept 12 45 $102 $4,590 Sept 19 20 $104 $2,080 Sept 26 30 $105 $3,150 COGS
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Unformatted text preview: $12,372 Calculation of Cost of Goods Sold LIFO Date Units Cost Total Sept 1 6 $97 $582 Sept 12 45 $102 $4,590 Sept 19 20 $104 $2,080 Sept 26 50 $105 $5,250 COGS $12,502 Calculation of Ending Inventory FIFO Date Units Cost Total Sept 26 20 $105 $2,100 Ending Inventory $2,100 Calculation of Ending Inventory LIFO Date Units Cost Total Sept 1 20 $97 $1,940 Ending Inventory $1,940 The sums for FIFO and LIFO are equal...
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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