REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $102 $1,224 Sept. 12 Purchases 45 105 4,725 Sept. 19 Purchases 57 106 6,042 Sept. 26 Purchases 24 24 107 2,568 Totals 138 $14,559 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 $ SUPPORT

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $102 $1,224 Sept. 12 Purchases 45 105 4,725 Sept. 19 Purchases 57 106 6,042 Sept. 26 Purchases 24 24 107 2,568 Totals 138 $14,559 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 $ SUPPORT

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 duringSeptember. During the same month, 102 snowboards were sold. REI uses a periodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Sept

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 7 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnember During the same month, 100 snowboards were sold REloses a periodic inventory system Dale Sept. 1 Sept. 12 Sept 19 Sept. 26 Explanation Unit Unit Cont Inventory 15 $110 Purchases 48 113 Purchases 33 114 Purchases 24 115 Totals 140 Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per 3 decimal places eg. 125.153 and final answers to 0 decimal places 125 Ending inventory at September 30 eTextbook and Media FIFO Your answer is incorrect Cost of goods sold 2775 FIFO $1.630 5,424 6042 3.760 $15.876 13654 LIFO Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average cost per unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 1253 1344 UFD ETDA AVERAGE-COST $ 3402 AVERAGE-COST 130825
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Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).