Question: E 6 . 5 ( LO 2 ) , AP REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September.

E6.5(LO 2), AP 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.
\table[[Date,Explanation,Units,Unit Cost,Total Cost],[Sept.1,Inventory,12,$100,$ 1,200],[Sept.12,Purchases,45,103,4,635],[Sept.19,Purchases,50,104,4,635],[Sept.26,Purchases,20,105,5,2002,100],[,Totals,127,,$13,135]]
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.)
Compute irventory and cost of goods sold using periodic FIFO, LIFO, and average-cost.
(int)
E 6 . 5 ( LO 2 ) , AP REI sells snowboards.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!