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 Purchases Purchases Purchases Totals 10 Ending inventory at September 30 50 57 21 138 Unit Cost $112 115 116 117 Total Cost $ 1,120 FIFO 5,750 6,612 2,457 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.) $15,939 LA LIFO LA 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 Purchases Purchases Purchases Totals 10 Ending inventory at September 30 50 57 21 138 Unit Cost $112 115 116 117 Total Cost $ 1,120 FIFO 5,750 6,612 2,457 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.) $15,939 LA LIFO LA AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
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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, 101 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
10
Ending inventory at
September 30
50
57
21
138
Unit Cost
$112
115
116
117
Total Cost
$ 1,120
FIFO
5,750
6,612
2,457
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.)
$15,939
LA
LIFO
LA
AVERAGE-COST
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