Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions