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 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases Purchases Totals 12 45 60 23 140 Ending inventory at September 30 114 $ 115 6,840 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 0 decimal places, e.g. 125.) FIFO 2,645 $15,890 $ LIFO $ AVERAGE-COST
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 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases Purchases Totals 12 45 60 23 140 Ending inventory at September 30 114 $ 115 6,840 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 0 decimal places, e.g. 125.) FIFO 2,645 $15,890 $ 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, 105 snowboards were sold. REI uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
(a)
Explanation Units Unit Cost Total Cost
Inventory
$110
$1,320
Purchases
113
5,085
Purchases
114
Purchases
115
Totals
12
Ending inventory at
September 30
45
60
23
140
$
6,840
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 0 decimal places, e.g. 125.)
FIFO
2,645
$15,890
$
LIFO
$
AVERAGE-COST
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Step 1: Introduce to FIFO, LIFO AND WEIGHTED AVERAGE METHOD
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VIEWStep 3: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using weighted average method
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