REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnemberDuring the same month, 100 snowboards were sold REloses a periodic inventory systemDaleSept. 1Sept. 12Sept 19Sept. 26Explanation Unit Unit ContInventory15$110Purchases48113Purchases33114Purchases24115Totals140Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per3 decimal places eg. 125.153 and final answers to 0 decimal places 125Endinginventory atSeptember30eTextbook and MediaFIFOYour answer is incorrectCost ofgoods sold2775FIFO$1.6305,42460423.760$15.87613654LIFOCompute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average costper unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 12531344UFDETDAAVERAGE-COST$3402AVERAGE-COST130825

Name: REI sell snowboards. Assume the following information relates to REI'
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Description: REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnemberDuring the same month, 100 snowboards were sold REloses a periodic inventory systemDaleSept. 1Sept. 12Sept 19Sept. 26Explanation Unit Unit

The first in first out method is an inventory valuation method. As per this method, the cost of…

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During the same month 100 snowboards Dale Sept 19 Sun 26 Explanation Units Unit Co Inventary 15 $110 Padan 41 113 Purchas 114 115 Purchas Total Ending inventory at September 30 eTextbook and Media Cest of 24 140 Compute the ending inventory at September 30using FIFO LIFO and average cost Round everage cost per un to 3 decimal places eg 125 153 and final animers to 0 decimal placg 125 FIFO T 2775 FIFO $1430 5434 THEY 2760 $15876 $ LIFO Compute the cost of goods sold for the month using the FIFO, LIFO and average cost methock Sound everage c per unit to 3 decimal places eg 125.153 and final onwers to 0 decima po 125) 1344 LIFO AVERAGE COST 3 3400 AVERAGE-COST 13023

During the same month 100 snowboards Dale Sept 19 Sun 26 Explanation Units Unit Co Inventary 15 $110 Padan 41 113 Purchas 114 115 Purchas Total Ending inventory at September 30 eTextbook and Media Cest of 24 140 Compute the ending inventory at September 30using FIFO LIFO and average cost Round everage cost per un to 3 decimal places eg 125 153 and final animers to 0 decimal placg 125 FIFO T 2775 FIFO $1430 5434 THEY 2760 $15876 $ LIFO Compute the cost of goods sold for the month using the FIFO, LIFO and average cost methock Sound everage c per unit to 3 decimal places eg 125.153 and final onwers to 0 decima po 125) 1344 LIFO AVERAGE COST 3 3400 AVERAGE-COST 13023

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EB: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...

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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
Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases (a1) Purchases Purchases Totals Sale Sale Sale Totals September 11 $ September 5 Units $ 9 49 45 14 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 103 45 49 25 133 Unit Cost * $102 105 106 107 Total Cost $1,428 4,725 5,194 2,675 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) $14,022
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory system
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Explanation Units Unit Cost Total Cost Inventory 14 $110 $1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Your Answer Correct Answer -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 O decimal places, e.g. 125.) (b) Ending inventory at September 30 eTextbook and Media Solution FIFO 814 +9 $ LIFO 518 $ AVERAGE-COST 4195.8 Attempts: 3 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.)
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 $
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. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases Purchases Totals Units Your answer is correct. Ending inventory at September 30 15 46 54 21 136 Unit Cost $ $106 109 110 111 Total Cost $ 1,590 5,014 FIFO 5,940 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.) 2,331 $14,875 3321 $ LIFO 3225 $ AVERAGE-COST 3281 C
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. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 15 Ending inventory at September 30 46 54 21 136 Unit Cost $106 $ 109 110 111 Total Cost $ 1,590 FIFO 5,014 5,940 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.) 2,331 $14,875 $ 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 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, 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, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 12 50 57 21 140 Unit Cost $105 108 109 110. Total Cost $1,260 5,400 6,213 FIFO 2,310 $15,183 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.) LIFO AVERAGE-COST
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. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
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.)