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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 13 48 Ending inventory at September 30 56 23 140 $115 118 $ 119 120 * 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.) Total Cost $ 1,495 5,664 6,664 2,760 $16,583 FIFO $ LIFO AVERAGE-COST

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 13 48 Ending inventory at September 30 56 23 140 $115 118 $ 119 120 * 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.) Total Cost $ 1,495 5,664 6,664 2,760 $16,583 FIFO $ LIFO AVERAGE-COST

FINANCIAL ACCOUNTING
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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REI sells snowboards. Assume the following information relates to REI’s purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. | Date | Explanation | Units | Unit Cost | Total Cost | |------------|-------------|-------|-----------|------------| | Sept. 1 | Inventory | 13 | $115 | $1,495 | | Sept. 12 | Purchases | 48 | $118 | $5,664 | | Sept. 19 | Purchases | 56 | $119 | $6,664 | | Sept. 26 | Purchases | 23 | $120 | $2,760 | | **Totals** | | **140**| | **$16,583**| 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.) | | FIFO | LIFO | AVERAGE-COST | |----------------------|------|------|--------------| | Ending inventory at | $ | $ | $ | | September 30 | | | | **Notes for Students:** - FIFO stands for "First-In, First-Out." - LIFO stands for "Last-In, First-Out." - The average-cost method calculates the ending inventory using the weighted average unit cost of the items available.
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI’s purchases of snowboards during September. During the same month, 104 snowboards were sold. REI uses a periodic inventory system. | Date | Explanation | Units | Unit Cost | Total Cost | |------------|-------------|-------|-----------|------------| | Sept. 1 | Inventory | 13 | $115 | $1,495 | | Sept. 12 | Purchases | 48 | $118 | $5,664 | | Sept. 19 | Purchases | 56 | $119 | $6,664 | | Sept. 26 | Purchases | 23 | $120 | $2,760 | | **Totals** | | **140**| | **$16,583**| 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.) | | FIFO | LIFO | AVERAGE-COST | |----------------------|------|------|--------------| | Ending inventory at | $ | $ | $ | | September 30 | | | | **Notes for Students:** - FIFO stands for "First-In, First-Out." - LIFO stands for "Last-In, First-Out." - The average-cost method calculates the ending inventory using the weighted average unit cost of the items available.
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