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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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