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REI I sell Assume

REI I sell Assume

FINANCIAL ACCOUNTING
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, 110 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units 11 53 55 Inventory Purchases Purchases Purchases Totals 25 144 Unit Cost $110 113 114 115 Total Cost $1,210 5,989 6,270 2,875 $16,344
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 110 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units 11 53 55 Inventory Purchases Purchases Purchases Totals 25 144 Unit Cost $110 113 114 115 Total Cost $1,210 5,989 6,270 2,875 $16,344
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.) Ending inventory at September 30 FIFO LIFO AVERAGE-COST
Transcribed Image Text: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.) Ending inventory at September 30 FIFO LIFO AVERAGE-COST
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