REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 10 $111 $ 1,110 Sept. 12 Purchases 56 114 6,384 Sept. 19 Purchases 60 115 6,900 Sept. 26 Purchases 24 116 2,784 Totals 150 $17,178 (a) 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, SUPPORT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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, 103 snowboards were sold. REl uses a periodic inventory system. \table[[Date,Explanation,Units,Unit Cost,Total Cost],[Sept. 1,Inventory,10,$111,$1,110 b) compute the cost of goods sold for the month using the fifo lifo and average cost methods

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During
the same month, 103 snowboards were sold. REI uses a periodic inventory system.
Date
Explanation Units
Unit Cost
Total Cost
Sept. 1
Inventory
10
$111
$ 1,110
Sept. 12
Purchases
56
114
6,384
Sept. 19
Purchases
60
115
6,900
Sept. 26
Purchases
24
116
2,784
Totals
150
$17,178
(a)
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,
SUPPORT
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 10 $111 $ 1,110 Sept. 12 Purchases 56 114 6,384 Sept. 19 Purchases 60 115 6,900 Sept. 26 Purchases 24 116 2,784 Totals 150 $17,178 (a) 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, SUPPORT
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