Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $115 Purchases Purchases Purchases Totals 13 48 56 23 140 118 119 120 Total Cost $ 1,495 5,664 6,664 2,760 $16,583
Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $115 Purchases Purchases Purchases Totals 13 48 56 23 140 118 119 120 Total Cost $ 1,495 5,664 6,664 2,760 $16,583
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:(b)
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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 0 decimal places, e.g. 125.)
Cost of goods sold $
FIFO
4,307
$
LIFO
4,209
$
AVERAGE-COST
4,264
Transcribed Image Text:Current Attempt in Progress
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 104 snowboards were sold. REI uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units Unit Cost
Inventory
$115
Purchases
Purchases
Purchases
Totals
13
48
56
23
140
118
119
120
Total Cost
$ 1,495
5,664
6,664
2,760
$16,583
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