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 Sept. 12 Inventory 12 $105 $1,260 Purchases 50 108 5,400 Sept. 19 Purchases 57 109 6,213 Sept. 26 Purchases 21 110 2,310 Totals 140 $15,183 Your answer is incorrect. 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, eg. 125.) Ending inventory at September 30 $ eTextbook and Media Your answer is incorrect. FIFO 3400 $ LIFO AVERAGE-COST 3312 $ 3362 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 Cost of goods sold $ eTextbook and Media LIFO AVERAGE-COST

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.