REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 98 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Unit Cost Inventory $102 (a1) Purchases Purchases Purchases Totals Sale Sale Sale Totals September 1 September 5 September 12 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. $ $ $ September 16 $ September 19 $ Units Your answer is partially correct. September 26 $ 8 September 29 $ 46 44 12 98 44 48 30 134 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 105 106 107 Total Cost $1,224 102 4,620 5,088 3,210 $14,142

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 98 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Unit Cost Inventory $102 (a1) Purchases Purchases Purchases Totals Sale Sale Sale Totals September 1 September 5 September 12 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. $ $ $ September 16 $ September 19 $ Units Your answer is partially correct. September 26 $ 8 September 29 $ 46 44 12 98 44 48 30 134 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 105 106 107 Total Cost $1,224 102 4,620 5,088 3,210 $14,142

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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, 109 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 107 2,461 Totals 135 $14,229 (a) Your answer is 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 O decimal places, e.g. 125.) (b) Ending inventory at September 30 $ eTextbook and Media FIFO 2779 $ LIFO 2688 $ AVERAGE-COST 2740 Attempts: 2 of 3 used 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 O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LIFO AVERAGE-COST $
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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. REI uses a periodic inventory system Date: Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 10 45 50 20 125 * Your answer is incorrect Unit Cost $100 103 104 105 Total Cost $1,000 4.635 5.200 2,100 $12,935 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to 0 decimal places, e.g. 125.) SUPPORT
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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 10 $112 Purchases 115 Purchases 116 Purchases Totals 50 Ending inventory at September 30 57 21 138 117 $ Total Cost $1,120 FIFO 5,750 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 O decimal places, e.g. 125.) 6,612 2,457 $15,939 $ LIFO $ AVERAGE-COST
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 Sept. 12 Inventory 12 $102 $1,224 Purchases 45 105 4,725 Sept. 19 Purchases 57 106 6,042 Sept. 26 Purchases 24 107 2,568 Totals 138 $14,559 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 O decimal places, e.g. 125.) Ending inventory at $ September 30 FIFO SA LIFO AVERAGE-COST $ SUPPORT
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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 112 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a1) Explanation Units Inventory Purchases Purchases Purchases Totals ✓ Your answer is correct. September 1 September 5 September 12 (a2) September 16 $ $ $ $ September 19 $ September 26 $ 112 September 29 $ 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 53 Sept. 29 Sale 51 Totals eTextbook and Media 15 49 55 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) The ending inventory $ 22 141 Unit Cost $105 108 109 110 105 105 107.625 107.625 108.929 109.223 FIFO Total Cost 109.223 $1,575 5,292 5,995 2,420 $15,282 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places,…
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 Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 13 Your answer is correct. 49 53 20 135 Unit Cost $107 110 111 112 Total Cost $1,391 5,390 5,883 2,240 $14,904 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal SU places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)
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 Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 13 49 53 20 135 Your answer is incorrect. Unit Cost $107 110 111 112 Total Cost $ 1,391 5,390 5,883 2,240 $14,904 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, e.g. 125.)