Please do not give solution in image format thanku 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. 26(a)Explanation Units Unit Cost Total Cost14$110)50113114InventoryPurchasesPurchasesPurchases.Totals5422140* Your answer is incorrect.115$1,5405,6506,156FIFO2,530$15,876Compute 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)LIFOAVERAGE-COST

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Description: Please do not give solution in image format thanku 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.

Ending inventory of September 30 FIFO method Closing inventory=140-103=37units Cost of closing…

Business

Accounting

Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 14 50 54 22 140 *Your answer is incorrect. Unit Cost $110 113 114 115 Total Cost $ 1,540 5,650 6,156 2,530 $15,876 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)

Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 14 50 54 22 140 *Your answer is incorrect. Unit Cost $110 113 114 115 Total Cost $ 1,540 5,650 6,156 2,530 $15,876 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)

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, 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.)
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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 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
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 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 12 50 57 21 140 Unit Cost $105 108 109 110. Total Cost $1,260 5,400 6,213 FIFO 2,310 $15,183 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.) LIFO AVERAGE-COST