FIFO, LIFO, and Average Cost Inventory Esplanade Company was formed on December 1, 2009. The following information

Question:

FIFO, LIFO, and Average Cost Inventory Esplanade Company was formed on December 1, 2009. The following information is available from Esplanade’s inventory records for Product BAP.

Units Unit Cost

January 1, 2010 (beginning inventory) 600 $ 8.00

Purchases:

January 5, 2010 1,100 9.00

January 25, 2010 1,300 10.00

February 16, 2010 800 11.00

March 26, 2010 600 12.00

A physical inventory on March 31, 2010, shows 1,500 units on hand. Prepare schedules to compute the ending inventory at March 31, 2010, under each of the following inventory methods.

(a) FIFO.

(b) LIFO.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...