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Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit t decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ EA FIFO $ LA LIFO LA $ AVERAGE-COST

Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit t decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ EA FIFO $ LA LIFO LA $ AVERAGE-COST

FINANCIAL ACCOUNTING
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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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, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LA LIFO $ LA AVERAGE-COST
Transcribed Image Text: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, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LA LIFO $ LA AVERAGE-COST
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 Explanation Units Inventory 13 Purchases Purchases Purchases Totals 46 60 21 140 Unit Cost $117 120 121 122 Total Cost $ 1,521 5,520 7,260 2,562 $16,863
Transcribed Image Text: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 Explanation Units Inventory 13 Purchases Purchases Purchases Totals 46 60 21 140 Unit Cost $117 120 121 122 Total Cost $ 1,521 5,520 7,260 2,562 $16,863
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