REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 101 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)Explanation Units Unit CostInventory10$112Purchases115Purchases116PurchasesTotals50Ending inventory atSeptember 305721138117$Total Cost$1,120FIFO5,750Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimalplaces, e.g. 125.153 and final answers to O decimal places, e.g. 125.)6,6122,457$15,939$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, 101 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, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory 10 Purchases Purchases Purchases Totals 50 Ending inventory at September 30 57 21 138 Unit Cost $112 115 116 117 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 $1,120 5,750 6,612 2,457 $15,939 FIFO LIFO AVERAGE-COST

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory 10 Purchases Purchases Purchases Totals 50 Ending inventory at September 30 57 21 138 Unit Cost $112 115 116 117 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 $1,120 5,750 6,612 2,457 $15,939 FIFO LIFO AVERAGE-COST

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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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) Ending inventory at Explanation Inventory Purchases September 30 Purchases Purchases Totals Units 15 49 51 25 140 FIFO Unit Cost $110 113 114 115 Total Cost $ 1,650 5,537 5,814 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.) 2,875 $15,876 LIFO VA AVERAGE-COST
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