Sold boards during Nov is shown below.... During the same month, this company sold 248...
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Accounting
Sold boards during Nov is shown below.... During the same month, this company sold 248 boards. Uses a periodic inventory system.
| date | explanation | units | unit cost | total cost |
| nov 1 | inventory | 53 | $100 | $5300 |
| nov 12 | purchase | 92 | 104 | 9568 |
| nov 19 | purchase | 41 | 108 | 4428 |
| nov 26 | purchase | 103 | 113 | 11635 |
| totals | 289 | $30935 |
A) ---- Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
| FIFO | LIFO | |||
| The ending inventory at nov 30 | $ ? | $ ? | ||
| Cost of goods sold | $ ? | $ ? |
B). ----- For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
| FIFO | LIFO | |||
| The sum of ending inventory and cost of goods sold | $ ? | $ ? |
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