REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 100 snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory 10 $111 $1,110 Purchases 46 114 5,244 Purchases 49 115 5,635 Purchases 25 116 2,900 Totals 130 $14,889 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 47 Sept. 29 Sale 45 Totals 100 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.) FIFO The ending inventory $ 3475 $ LIFO 3390 AVERAGE-COST 3435
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 100 snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory 10 $111 $1,110 Purchases 46 114 5,244 Purchases 49 115 5,635 Purchases 25 116 2,900 Totals 130 $14,889 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 47 Sept. 29 Sale 45 Totals 100 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.) FIFO The ending inventory $ 3475 $ LIFO 3390 AVERAGE-COST 3435
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 100 snowboards were sold. Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.) FIFO The ending inventory LIFO $ AVERAGE-COST
Transcribed Image Text:REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same
month, 100 snowboards were sold.
Date
Explanation Units
Unit Cost
Total Cost
Sept. 1
Sept. 12
Sept. 19
Inventory
10
$111
$1,110
Purchases
46
114
5,244
Purchases
49
115
5,635
Sept. 26
Purchases
25
116
2,900
Totals
130
$14,889
Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system.
Date
Units
Sept. 5
Sale
8
Sept. 16
Sept. 29
Sale
47
Sale
45
Totals
100
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.)
The ending inventory
FIFO
3475
LIFO
3390
AVERAGE-COST
3435
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