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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. REl uses
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 105 snowboards were sold. REl uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost |
Sept. 1 | Inventory | 15 | $108 | $1,620 |
Sept. 12 | Purchases | 45 | 110 | 4,950 |
Sept. 19 | Purchases | 50 | 112 | 5,600 |
Sept. 26 | Purchases | 20 | 113 | 2,260 |
Totals | 130 | $14,430 |
Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round the average unit cost to 3 decimal places, eg. 123.234 and final answers to 0 decimal places, e.g. 125.)
Ending inventory for Sept 30: FIFO: $___, LIFO: $___, Average-Cost: $___
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