Question
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
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.
DATE. EXPLANATION. UNITS. UNIT COST. TOTAL COST
Sept 1. Inventory. 10 $107 $1,070
Sept. 12 Purchases 46 110 5,060
Sept 19 Purchases. 53 111 5,883
Sept 26 Purchases 21 112 2,352
Totals 130 $14,365
a) 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.)
FIFO LIFO AVERAGE COST
Ending inventory at September 30 $ $ $
b) Compute the cost of goods sold for the month using FIFO, LIFO, and average cost methods. (Round aveage cost per unit to 3 decimal places,e.g. 125.153 and final answers to 0 decimal places, e.g. 125).
FIFO LIFO AVERAGE COST
Cost of goods sold $ $ $
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