REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During...
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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 Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $105 $1,260 Sept. 12 Purchases 50 108 5,400 Sept. 19 Purchases 57 109 6,213 Sept. 26 Purchases 22 21 110 2,310 Totals 140 $15,183 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 3.129 $ LIFO 3,050 $ AVERAGE-COST 3.094 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 0 decimal places, e.g. 125.) FIFO Cost of goods sold $ 11,236) LIFO AVERAGE-COST 11,315 $ 11,271 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 Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $105 $1,260 Sept. 12 Purchases 50 108 5,400 Sept. 19 Purchases 57 109 6,213 Sept. 26 Purchases 22 21 110 2,310 Totals 140 $15,183 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 3.129 $ LIFO 3,050 $ AVERAGE-COST 3.094 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 0 decimal places, e.g. 125.) FIFO Cost of goods sold $ 11,236) LIFO AVERAGE-COST 11,315 $ 11,271
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