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E15 (FIFO, LIO, Average Cost Inventory) Esplanade Company was formed on December 1, 2011. The following information is available from Esplanades inventory records for Product
E15 (FIFO, LIO, Average Cost Inventory) Esplanade Company was formed on December 1, 2011. The following information is available from Esplanades inventory records for Product BAP. January 1, 20102 (Beginning inventory): 600 units, unit cost $8.00 Purchases: January 5, 2012: 1,100 units, unit cost 9.00 January 25, 2012: 1,300 units, unit cost 10.00 February 16, 2012: 800 units, unit cost 11.00 March 26, 2012: 600 units, unit cost 12.00 A physical inventory on March 31, 2012 shows 1500 units on hand. Instructions: Prepare schedules to compute the ending inventory at March 31,2010, under each of the following inventory methods: (a) FIFO. (b) LIFO. (c) Weighted average
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