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
Explanation Units
Unit Cost
Total Cost
Sept. 1
Inventory
10
$112
$ 1,120
Sept. 12
Purchases
50
115
5,750
Sept. 19
Purchases
57
116
6,612
Sept. 26
Purchases
21
117
2,457
Totals
138
$15,939
(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 O decimal places, e.g. 125.)
Ending inventory at September 30
FIFO
LIFO
AVERAGE-COST. 1) the correct answer to FIFO is 4313, knowing this proceed to give answer of LIFO and AVERAGE COST