Inventory methods. Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.

Units Unit Cost

January 1, 2014 (beginning inventory) 1,500 $18.00

Purchases:

January 5, 2014 2,600 $20.00

January 25, 2014 2,400 $21.00

February 16, 2014 1,000 $22.00

March 15, 2014 2,000 $23.00

A physical inventory on March 31, 2014, shows 2,300 units on hand.

Instructions

Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods. Round calculations to the nearest cent:

(a) FIFO.

(b) LIFO.

(c) Weighted-average.

Show supporting computations in good form.