Do not use EXCEL to type answers please write out answers and give explanations. 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.DateSept. 1Sept. 12Sept. 19Sept. 26Explanation Units Unit CostInventory13$110Purchases113PurchasesPurchasesTotals49eTextbook and Media5320> Cost of goods sold $135Ending inventory at September 30 $Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)114115FIFOTotal Cost$ 1,4305,5376,0422,300$15.309FIFO$$Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)LIFOLIFO$$AVERAGE-COSTAVERAGE-COST

The inventory can be valued using various methods as FIFO, LIFO and weighted average method. The…

Answered: REI sells snowboards. Assume the…

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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Do not use EXCEL to type answers please write out answers and give explanations.

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
13
$110
Purchases
113
Purchases
Purchases
Totals
49
eTextbook and Media
53
20
> Cost of goods sold $
135
Ending inventory at September 30 $
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.)
114
115
FIFO
Total Cost
$ 1,430
5,537
6,042
2,300
$15.309
FIFO
$
$
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.)
LIFO
LIFO
$
$
AVERAGE-COST
AVERAGE-COST

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What calculations did you get the units amounts? For example, 137-107=28 units. But on Sept 19 and Sept 26 how did you get 8 units for Sept 19 and 20 units for Sept 26? How did you know which number goes where?

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