Question
Bentley Company was formed in December 1, 2019. The following information is available from Bentley's inventory records for the Product JAM Units Unit Cost January
Bentley Company was formed in December 1, 2019. The following information is available from Bentley's inventory records for the Product JAM
Units | Unit Cost | |
January 1, 2020 (beginning inventory) | 1,440 | $8 |
Purchases: | ||
Jan. 5, 2020 | 2,880 | $9 |
Jan. 25, 2020 | 3,120 | $10 |
Feb. 16, 2020 | 1,920 | $11 |
March 26, 2020 | 1,440 | $12 |
A physical inventory on March 31, 2020 shows 3,840 units on hand.
(a) Prepare a schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method.
(b) Prepare a schedule to compute the ending inventory at March 31, 2020, under LIFO inventory method.
(c1) Calculate average cost per unit (round answers to 2 decimal places, e.g. 2.76)
Weighted average cost per unit: $_________
*Please show your work and complete all parts. thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started