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.

Instructions

a. Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost.

b. Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.)

Transcribed Image Text:

Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 12 45 50 20 127 Unit Cost $100 103 104 105 Total Cost $ 1,200 4,635 5,200 2,100 $13,135