REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sent 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases 11 50 58 23 $119 122 123 124 Total Cost $1,309 6,100 7,134 2,852
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sent 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases 11 50 58 23 $119 122 123 124 Total Cost $1,309 6,100 7,134 2,852
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
U
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 109 snowboards were sold. REI uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
(a)
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
11
50 A
Ending inventory at
September 30
58
23
142
X Your answer is incorrect.
Unit Cost
$
$119
122
123
124
Total Cost
FIFO
$ 1,309
6,100
7,134
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.)
2,852
$17,395
3,993
LIFO
4,082
$
AVERAGE-COST
122.5
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education