REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 108 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1. Inventory 11 $116 $1,276 Sept. 12 Purchases 48 119 5,712 Sept. 19 Purchases 60 120 7,200 Sept. 26 Purchase's 21 121 2,541 Totals. 140 $16,729 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.) Ending inventory at September 30 FIFO $ LIFO $ AVERAGE-COST

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 108 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1. Inventory 11 $116 $1,276 Sept. 12 Purchases 48 119 5,712 Sept. 19 Purchases 60 120 7,200 Sept. 26 Purchase's 21 121 2,541 Totals. 140 $16,729 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.) Ending inventory at September 30 FIFO $ LIFO $ AVERAGE-COST

Name: Excel snap not alloewd REI sells snowboards. Assume the following info
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Description: Excel snap not alloewd REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 108 snowboards were sold. REI uses a periodic inventory system.DateExplanation UnitsUnit Co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Excel snap not alloewd

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 108 snowboards were sold. REI uses a periodic inventory system.
Date
Explanation Units
Unit Cost
Total Cost
Sept. 1.
Inventory
11
$116
$1,276
Sept. 12
Purchases
48
119
5,712
Sept. 19
Purchases
60
120
7,200
Sept. 26
Purchase's
21
121
2,541
Totals
140
$16,729
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.)
Ending inventory at
September 30
FIFO
$
LIFO
$
AVERAGE-COST

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Step 1: Introduce to FIFO, LIFO AND WEIGHTED AVERAGE METHOD

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Step 2: Working for ending inventory using FIFO

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Step 3: Working for ending inventory using LIFO

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Step 4: Working for cost of goods sold and ending inventory using weighted average method

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