REI sells snowboards. Assume the following information relates to REI's purchases of snowboardsduring September. During the same month, 105 snowboards were sold. REI uses a periodic inventorysystem.DateSept. 1Sept. 12Sept. 19Sept. 26ExplanationInventoryPurchasesPurchasesPurchasesTotalsUnits Unit Cost15455020130$126128130131Total Cost$1,8905,7606,5002,620$16,770 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round theaverage unit cost to 3 decimal places, e.g. 123.234 and final answers to O decimal places, e.g. 125.)EndinginventoryatSeptember30LAFIFO$LIFOAVERAG

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. 26 Explanation Inventory Purchases Purchases Purchases Totals Units Unit Cost $126 15 45 50 20 130 128 130 131 Total Cost $1,890 5,760 6,500 2,620 $16,770

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. 26 Explanation Inventory Purchases Purchases Purchases Totals Units Unit Cost $126 15 45 50 20 130 128 130 131 Total Cost $1,890 5,760 6,500 2,620 $16,770

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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