REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 101 snowboards were sold. REI uses a periodic inventory system.DateSept. 11Sept. 12Sept. 19Sept. 26(a)Explanation UnitsInventoryPurchasesPurchasesPurchasesTotals1050Ending inventory atSeptember 305721138Your answer is incorrect.Unit Cost$$112115116117Compute 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, eg. 125.)Total Cost$1,1205,7506,6122,457$15,939FIFO$LIFOAVERAGE-COST

Name: REI sells snowboards. Assume the following information relates to REI
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Description: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 101 snowboards were sold. REI uses a periodic inventory system.DateSept. 11Sept. 12Sept. 19Sept. 26(a)Explanation

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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases . Purchases Totals Units Unit Cost 10 Ending inventory at September 30 50 57 21 138 Your answer is incorrect. $112 115 116 117 Total Cost FIFO $1,120 5,750 6,612 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, eg. 125.) 2,457 $15,939 $ LIFO AVERAGE-COST

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases . Purchases Totals Units Unit Cost 10 Ending inventory at September 30 50 57 21 138 Your answer is incorrect. $112 115 116 117 Total Cost FIFO $1,120 5,750 6,612 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, eg. 125.) 2,457 $15,939 $ LIFO AVERAGE-COST

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 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.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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