Please do not give solution in image format thanku REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 103 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)Explanation Units Unit Cost Total Cost14$110)50113114InventoryPurchasesPurchasesPurchases.Totals5422140* Your answer is incorrect.115$1,5405,6506,156FIFO2,530$15,876Compute 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 O decimal places, e.g. 125)LIFOAVERAGE-COST

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Description: Please do not give solution in image format thanku REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 103 snowboards were sold. REI uses a periodic inventory system.

Ending inventory of September 30 FIFO method Closing inventory=140-103=37units Cost of closing…

Business

Accounting

Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 14 50 54 22 140 *Your answer is incorrect. Unit Cost $110 113 114 115 Total Cost $ 1,540 5,650 6,156 2,530 $15,876 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 O decimal places, e.g. 125)

Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 14 50 54 22 140 *Your answer is incorrect. Unit Cost $110 113 114 115 Total Cost $ 1,540 5,650 6,156 2,530 $15,876 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 O decimal places, e.g. 125)

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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