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1. Mikell Company was formed on January 1, 2020. The following information is available from their inventory records for Product X: Units Unit Cost 2,400
1. Mikell Company was formed on January 1, 2020. The following information is available from their inventory records for Product X: Units Unit Cost 2,400 $18.00 January 1, 2020 Purchases: January 7, 2020 January 23, 2020 February 12, 2020 March 17, 2020 3,900 3,600 1,500 2,700 $20.00 $21.00 $22.00 $23.00 A physical inventory on March 31, 2020 shows 3,000 units on hand. Required: Compute the ending inventory at March 31, 2020 and cost of goods sold for the quarter, under each of the following scenarios, assuming that the company uses the perpetual method ONLY for units. a. FIFO b. LIFO c. Weighted average
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