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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

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

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, 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
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
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