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 Purchase's 21 121 2,541 Totals. 140 $16,729 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 $ LIFO $ AVERAGE-COST
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 Purchase's 21 121 2,541 Totals. 140 $16,729 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 $ LIFO $ AVERAGE-COST
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 11RE: 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, 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
Purchase's
21
121
2,541
Totals
140
$16,729
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
$
LIFO
$
AVERAGE-COST](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f56160a-1446-4b15-b439-e8b208b440fa%2F83bea0ac-e991-4f15-a315-a2badc969c6d%2Fa76hdzd_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Purchase's
21
121
2,541
Totals
140
$16,729
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
$
LIFO
$
AVERAGE-COST
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