REI sells snowboards. Assume the following information relates to REI's purchases of snowboards duringSeptember. During the same month, 107 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)EndinginventoryatExplanationInventoryPurchasesSeptember30PurchasesPurchasesTotalsUnits15495125140FIFOUnit Cost$110113114115Total Cost$ 1,6505,5375,814Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round averagecost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)2,875$15,876LIFOVAAVERAGE-COST

Name: REI sells snowboards. Assume the following information relates to REI
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Description: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards duringSeptember. During the same month, 107 snowboards were sold. REI uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)Endinginvent

Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

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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 Sept. 1 Sept. 12 Sept. 19- Sept. 26 (a) Ending inventory at September Explanation Inventory 30 Purchases Purchases Purchases Totals Units 15 49 51 25 140 FIFO Unit Cost $110 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.) 113. 114 115 Total Cost $1,650 5,537 5,814 2,875 $15,876 LIFO AVERAGE-COST

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 Sept. 1 Sept. 12 Sept. 19- Sept. 26 (a) Ending inventory at September Explanation Inventory 30 Purchases Purchases Purchases Totals Units 15 49 51 25 140 FIFO Unit Cost $110 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.) 113. 114 115 Total Cost $1,650 5,537 5,814 2,875 $15,876 LIFO AVERAGE-COST

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...

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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 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
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases Purchases Totals Units Your answer is correct. Ending inventory at September 30 15 46 54 21 136 Unit Cost $ $106 109 110 111 Total Cost $ 1,590 5,014 FIFO 5,940 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.) 2,331 $14,875 3321 $ LIFO 3225 $ AVERAGE-COST 3281 C
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 15 Ending inventory at September 30 46 54 21 136 Unit Cost $106 $ 109 110 111 Total Cost $ 1,590 FIFO 5,014 5,940 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.) 2,331 $14,875 $ LIFO $ AVERAGE-COST
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 13 Your answer is correct. 49 53 20 135 Unit Cost $107 110 111 112 Total Cost $1,391 5,390 5,883 2,240 $14,904 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal SU places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)