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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 Unit Cost Inventory $105 Purchases Purchases Purchases Totals 12 50 57 21 140 108 109 110 Total Cost $1,260 5,400 FIFO 6,213 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 0 decimal places, eg. 125.) 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 Unit Cost Inventory $105 Purchases Purchases Purchases Totals 12 50 57 21 140 108 109 110 Total Cost $1,260 5,400 FIFO 6,213 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 0 decimal places, eg. 125.) LIFO AVERAGE-COST

Intermediate Accounting: Reporting And Analysis
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, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory. Purchases Purchases Purchases Totals Ending inventory at Sept. 19 Purchases Sept. 26 Purchases Totals Ending inventory at September 30 eTextbook and Media Cost of goods sold $ 31 eTextbook and Media 12 140 21 50 57 140 21 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 0 decimal places, eg. 125.) $105 $ 108 109 FIFO 110 109 110 FIFO Total Cost $1,260 5,400 FIFO 6,213 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 0 decimal places, e.g. 125.) 2,310 $15,183 6,213 2,310 $15,183 LIFO 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 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, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory. Purchases Purchases Purchases Totals Ending inventory at Sept. 19 Purchases Sept. 26 Purchases Totals Ending inventory at September 30 eTextbook and Media Cost of goods sold $ 31 eTextbook and Media 12 140 21 50 57 140 21 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 0 decimal places, eg. 125.) $105 $ 108 109 FIFO 110 109 110 FIFO Total Cost $1,260 5,400 FIFO 6,213 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 0 decimal places, e.g. 125.) 2,310 $15,183 6,213 2,310 $15,183 LIFO 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 AVERAGE-COST
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