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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
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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