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 Explanation Units Inventory 13 Purchases Purchases Purchases Totals 46 60 21 140 Unit Cost $117 120 121 122 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 0 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 Explanation Units Inventory 13 Purchases Purchases Purchases Totals 46 60 21 140 Unit Cost $117 120 121 122 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 0 decimal places, e.g. 125.)
Chapter1: Financial Statements And Business Decisions
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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
Inventory
13
Purchases
Purchases
Purchases
Totals
46
Ending inventory at
September 30
60
21
140
Unit Cost
$117
$
120
121
122
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.)
Total Cost
$ 1,521
5,520
7,260
2,562
$16,863
FIFO
69
$
LIFO
$
AVERAGE-COST
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