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Current Attempt in Progressi REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system Date Explanation Units Sept. 1 Inventory Sept. 12 Purchases Sept. 19. Purchases Sept. 26 Purchases Totals 15 45 50 20 130 Unit Cost $130 132 134 135 Total Cost $1,950 5,940 6,700 2,700 $17.290

Current Attempt in Progressi REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system Date Explanation Units Sept. 1 Inventory Sept. 12 Purchases Sept. 19. Purchases Sept. 26 Purchases Totals 15 45 50 20 130 Unit Cost $130 132 134 135 Total Cost $1,950 5,940 6,700 2,700 $17.290

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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Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19. Sept. 261 (a) Explanation Units Inventory 15 Purchases 45 Purchases Purchases Totals 50 20 130 Unit Cost $130 132 134 135 Total Cost $1.950 5,940 6,700 2,700 $17,290 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round the average unit cost to 3 decimal places eg. 123.234 and final answers to 0 decimal places, e.g. 125.) ENG
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, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19. Sept. 261 (a) Explanation Units Inventory 15 Purchases 45 Purchases Purchases Totals 50 20 130 Unit Cost $130 132 134 135 Total Cost $1.950 5,940 6,700 2,700 $17,290 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round the average unit cost to 3 decimal places eg. 123.234 and final answers to 0 decimal places, e.g. 125.) ENG
Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round the average unit cost to 3 decimal places, eg. 123.234 and final answers to 0 decimal places, e.g. 125.) Ending inventory at September 30 FIFO LIFO $ AVERAGE-COST
Transcribed Image Text:Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round the average unit cost to 3 decimal places, eg. 123.234 and final answers to 0 decimal places, e.g. 125.) Ending inventory at September 30 FIFO LIFO $ AVERAGE-COST
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