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REI sells snowboards. Assume the following information relates to RE1's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases Purchases Totals 12 45 60 23 140 Ending inventory at September 30 114 $ 115 6,840 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.) FIFO 2,645 $15,890 $ LIFO $ AVERAGE-COST

REI sells snowboards. Assume the following information relates to RE1's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases Purchases Totals 12 45 60 23 140 Ending inventory at September 30 114 $ 115 6,840 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.) FIFO 2,645 $15,890 $ LIFO $ AVERAGE-COST

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases 114 Purchases 115 Totals 12 Ending inventory at September 30 45 60 23 140 $ 6,840 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.) FIFO 2,645 $15,890 $ LIFO $ 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, 105 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Total Cost Inventory $110 $1,320 Purchases 113 5,085 Purchases 114 Purchases 115 Totals 12 Ending inventory at September 30 45 60 23 140 $ 6,840 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.) FIFO 2,645 $15,890 $ LIFO $ AVERAGE-COST
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