REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 107 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)Explanation Units Unit CostInventory$117PurchasesPurchasesPurchasesTotals13Ending inventory atSeptember 30466021140120$121122Total CostFIFO$ 1,5215,520Compute 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.)7,2602,562$16,863$LIFO$AVERAGE-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, 107 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 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, 107 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 13 $117 Purchases Purchases Purchases Totals 46 60 21 140 120 121 122 Total Cost $1,521 5,520 7,260 2,562 $16,863 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.)

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 13 $117 Purchases Purchases Purchases Totals 46 60 21 140 120 121 122 Total Cost $1,521 5,520 7,260 2,562 $16,863 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.)

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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