REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 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 12 45 50 20 127 Unit Cost $100 103 C 104 105 Total Cost $ 1,200 4,635 5,200 2,100 $13,135
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 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 12 45 50 20 127 Unit Cost $100 103 C 104 105 Total Cost $ 1,200 4,635 5,200 2,100 $13,135
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, 102 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
12
45
50
Cost of goods sold
20
127
Show Transcribed Text
Unit Cost
Show Transcribed Text
$100
103
104
105
FIFO
Total Cost
$1,200
Compute the cost of goods sold for the month 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 O decimal places, e.g. 125.)
4,635
5,200
2,100
$13,135
LIFO
$
AVERAGE-COST
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