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12 1. A record of transactions for the month of May was as follows: Purchases Sales May 1(balance) 400 @ $4.20 May 3 200 @ 7.00 1,300 $4.10 1,000 7.00 800 $4.30 900 7.50 700 $4.40 400 @ 7.50 22 1,200 $4.50 25 1,400 @ 8.00 300 @ $4.55 Assuming that perpetual inventory records are kept in dollars, determine the inventory using LIFO. "888@ 2. Jones Company was formed on December 1, 2011. The following information is available from Jones's inventory record for Product X. Units Unit Cost January 1, 2012 (beginning inventory) 1,600 $18.00 Purchases: January 5, 2012 2,600 $20.00 February 16, 2012 1,000 $22.00 March 15, 2012 1.800 $23.00 A physical inventory on March 31, 2012, shows 2,200 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods: (a) FIFO. (b) LIFO. (c) Weighted average. Show supporting computations in good form. 3. Aber Company manufactures one product. On December 31, 2011, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $270,000. Inventory data are as follows: Inventory at Price index Year year-end prices (base year 2009 2012 $378,000 1.05 2013 552,000 1.15 2014 575,000 1.25 Instructions Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method for each year