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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $110 Purchases Purchases Purchases Totals 15 Ending inventory at September 30 49 51 25 140 113 $ 114 115 Total Cost FIFO $1,650 5,537 5,814 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, g. 125.153 and final answers to 0 decimal places, e.g. 125.) 2,875 $15,876 LIFO $ AVERAGE-COST

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $110 Purchases Purchases Purchases Totals 15 Ending inventory at September 30 49 51 25 140 113 $ 114 115 Total Cost FIFO $1,650 5,537 5,814 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, g. 125.153 and final answers to 0 decimal places, e.g. 125.) 2,875 $15,876 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, 107 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 15 Ending inventory at September 30 49 51 25 140 $110 $ 113 114 115 Total Cost FIFO $1,650 5,537 5,814 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.) 2,875 $15,876 LIFO AVERAGE-COST
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 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 15 Ending inventory at September 30 49 51 25 140 $110 $ 113 114 115 Total Cost FIFO $1,650 5,537 5,814 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.) 2,875 $15,876 LIFO AVERAGE-COST
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