Ivanhoe Company sells a snowboard, WhiteOut, that is popular with seard enthusiasts. Presented below is...
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Ivanhoe Company sells a snowboard, WhiteOut, that is popular with seard enthusiasts. Presented below is information relating to Ivanhoe Company's purchases of WhiteOut snowboards during September. During the same month, 100 WhiteOut snowboards were sold at $ 170 each. Ivanhoe Comparvy uses a periodic inventory system Explanation Units Total Cost Date Sept. 1 Sept. 12 Unit Cost $ 100 20 $ 2,000 Inventory Purchases 36 106 3,816 Sept. 19 Purchases 19 110 2,090 Sept. 26 Purchases 40 112 4,480 Totals 115 $ 12,386 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory $ 1680 Cost of goods sold
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