month, 110 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 11 Ending inventory at September 30 53 55 25 144 $110 $ 113 114 115 Total Cost FIFO $1,210 5,989 6,270 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) 2,875 $16,344 $ LIFO $ AVERAGE-COST
month, 110 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 11 Ending inventory at September 30 53 55 25 144 $110 $ 113 114 115 Total Cost FIFO $1,210 5,989 6,270 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) 2,875 $16,344 $ LIFO $ AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 110 snowboards were sold. REI uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
11
Ending inventory at
September 30
53
55
25
144
Unit Cost
$110
113
114
115
Total Cost
FIFO
$1,210
5,989
6,270
2,875
Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places,
e.g. 125.153 and final answers to O decimal places, e.g. 125.)
$16,344
$
LIFO
AVERAGE-COST
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