REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same. month, 112 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 (a1) Explanation Units Unit Cost Inventory 15 $105 Purchases Purchases Purchases Totals Sale Sale Sale Totals Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. September 1 (a2) September 5. September 12 $ $ Your answer is correct. $ September 16 $ September 19 $ September 26 $ September 29 $ | | Units 8 53 The ending inventory 51 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 112 eTextbook and Media. 49 55 22 141 $ 108 109 110 105 105 107.625 107.625 108.929 109.223 Total Cost $1,575 5,292 109.223 FIFO 5,995 2,420 $15,282 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.) $ LIFO Attempts: 3 of 10 used $ AVERAGE-COST
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same. month, 112 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 (a1) Explanation Units Unit Cost Inventory 15 $105 Purchases Purchases Purchases Totals Sale Sale Sale Totals Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. September 1 (a2) September 5. September 12 $ $ Your answer is correct. $ September 16 $ September 19 $ September 26 $ September 29 $ | | Units 8 53 The ending inventory 51 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 112 eTextbook and Media. 49 55 22 141 $ 108 109 110 105 105 107.625 107.625 108.929 109.223 Total Cost $1,575 5,292 109.223 FIFO 5,995 2,420 $15,282 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.) $ LIFO Attempts: 3 of 10 used $ AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 112 snowboards were sold.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
(a1)
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
✓ Your answer is correct.
September 1
September 5
September 12
(a2)
September 16
$
$
$
$
September 19 $
September 26 $
112
September 29 $
Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system.
Date
Units
Sept. 5 Sale
8
⠀
Sept. 16 Sale
53
Sept. 29 Sale
51
Totals
eTextbook and Media
15
49
55
Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)
The ending inventory $
22
141
Unit Cost
$105
108
109
110
105
105
107.625
107.625
108.929
109.223
FIFO
Total Cost
109.223
$1,575
5,292
5,995
2,420
$15,282
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.)
$
LIFO
Attempts: 3 of 10 used
$
AVERAGE-COST
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