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. Explanation Units Unit Cost Total Cost Inventory $110 $1,430 Purchases 5,537 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Purchases Purchases Totals 13 49 53 20 135 113 114 115 6,042 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, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
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
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 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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