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Banner Company was formed on December 1, 20X0. The following information is available from their inventory Units Units Cost Total Cost Jan. 1, 2021 1,600
Banner Company was formed on December 1, 20X0. The following information is available from their inventory
Units | Units Cost | Total Cost | |
Jan. 1, 2021 | 1,600 | $18 | $28,800 |
Purchases: | |||
Feb. 5, 2021 | 2,600 | $20 | $52,000 |
Feb. 16, 2021 | 1,000 | $22 | $22,000 |
March. 10. 2021 | 1,800 | $23 | $41,400 |
Sales: | |||
Jan. 10, 2021 | 3,000 | ||
March 15, 2021 | 2,000 |
Assume the company uses a Perpetual Inventory System. Compute the value ($ amount) of ending inventory and cost of goods sold at 3/31 under each of the following methods:
(1) LIFO
(2) Weighted Average
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