Subject: accounting REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 103 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26Explanation UnitsInventoryPurchasesPurchasesPurchasesTotals10566024150Unit Cost$111114115116Total Cost$1,1106,3846,9002.784$17,178 (b)Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)Cost of goods soldFIFOLIFOAVERAGE-COST

Name: Subject: accounting REI sells snowboards. Assume the following informa
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Description: Subject: accounting REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 103 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept

FIFO stands for first in first out. LIFO stands for last in first out. Average cost per unit is…

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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $111 Purchases 114 Purchases Purchases Totals 10 56 60 24 150 115 116 Total Cost $1.110 6,384 6,900 2,784 $17.178

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $111 Purchases 114 Purchases Purchases Totals 10 56 60 24 150 115 116 Total Cost $1.110 6,384 6,900 2,784 $17.178

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 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 42 57 21 135 $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 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 13 49 53 20 135 Your answer is incorrect. Unit Cost $107 110 111 112 Total Cost $ 1,391 5,390 5,883 2,240 $14,904 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, e.g. 125.)
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 100 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 45 50 20 125 * Your answer is incorrect Unit Cost $100 103 104 105 Total Cost $1,000 4.635 5.200 2,100 $12,935 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to 0 decimal places, e.g. 125.) SUPPORT
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 (a) Ending inventory at Explanation Inventory Purchases September 30 Purchases Purchases Totals Units 15 49 51 25 140 FIFO Unit Cost $110 113 114 115 Total Cost $ 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 VA AVERAGE-COST
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 Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 107 2,461 Totals 135 $14,229 (a) Your answer is correct. 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.) (b) Ending inventory at September 30 $ eTextbook and Media FIFO 2779 $ LIFO 2688 $ AVERAGE-COST 2740 Attempts: 2 of 3 used Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LIFO AVERAGE-COST $
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 12 $102 $1,224 Purchases 45 105 4,725 Sept. 19 Purchases 57 106 6,042 Sept. 26 Purchases 24 107 2,568 Totals 138 $14,559 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.) Ending inventory at $ September 30 FIFO SA LIFO AVERAGE-COST $ SUPPORT
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 108 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $116 $1,276 Sept. 12 Purchases 48 119 5,712 Sept. 19 Purchases 60 120 7,200 Sept. 26 Purchases 21 121 2,541 Totals 140 $16,729 Your answer is partially correct. 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.) Ending inventory at September 30 eTextbook and Media FIFO 3861 $ LIFO 3775 AVERAGE-COST 3824 * Your answer is incorrect. Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) FIFO Cost of goods sold $ 3861 LIFO 3808…
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Explanation Units Unit Cost Total Cost Inventory 14 $110 $1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Your Answer Correct Answer -Your answer is partially correct. 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.) (b) Ending inventory at September 30 eTextbook and Media Solution FIFO 814 +9 $ LIFO 518 $ AVERAGE-COST 4195.8 Attempts: 3 of 3 used Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)
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 Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 114 6,042) Sept. 26 Purchases Totals 135 335 20 115 2,300 $15,309 Compute the ending inventory at September 30 using FIFO, LIFO, and average cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, e.g. 125.) Ending inventory at September 30 eTextbook and Media FIFO LIFO $ AVERAGE-COST Compute the cost of goods sold for the month using the FIFO, LIFO, and average cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, eg. 125) FIFO LIFO AVERAGE-COST
Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases (a1) Purchases Purchases Totals Sale Sale Sale Totals September 11 $ September 5 Units $ 9 49 45 14 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 103 45 49 25 133 Unit Cost * $102 105 106 107 Total Cost $1,428 4,725 5,194 2,675 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) $14,022
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REl uses a periodic inventory system. \table[[Date,Explanation,Units,Unit Cost,Total Cost],[Sept. 1,Inventory,10,$111,$1,110 b) compute the cost of goods sold for the month using the fifo lifo and average cost methods