ANSWER B REI sells snowboards, Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $110 Purchases (b) Purchases Purchases Totals Your answer is correct. Ending inventory at September 30 15 eTextbook and Media 49 51 25 140 $ 113 114 FIFO 115 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to 0 decimal places, eg. 125) Total Cost $1,650 5,537 FIFO 5,814 2,875 $15,876 3787 $ LIFO LIFO 3684 $ AVERAGE-COST Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to 0 decimol places, eg 125) 3742 Attempts: 1 of 3 used AVERAGE-COST

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.