Question
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
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.
Sept. 1 Inventory Units~15 Unit Cost~$105 Total Cost~$1575
Sept. 12 Purchases Units~47 Unit Cost~$108 Total Cost~$5076
Sept. 19 Purchases Units~52 Unit Cost~$109 Total Cost~5668
Sept. 26 Purchases Units~22 Unit Cost~$110 Total Cost~2420
Total Units~136 Total Cost~$14739
Compute the ending inventory on September 30 using FIFO, LIFO, and average cost.
FIFO $____ LIFO $____ Average Cost $____
REI sells snowboards. Assume the following information relates to REl's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. (a) Your answer is partially correct. 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.)
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