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Jimmy Butlers Bros. was formed on December 1, 2016. The following information is available from Jimmy Butlers inventory records for their Western Conference Championship Banners
Jimmy Butlers Bros. was formed on December 1, 2016. The following information is available from Jimmy Butlers inventory records for their Western Conference Championship Banners that they sell.
Units | Unit Cost | |
Jan 1. 2017 Beginning Inventory | 600 | $8.00 |
Purchases | ||
Jan 5, 2017 | 1,200 | $9.00 |
Jan 25, 2017 | 1,300 | $10.00 |
Feb 16, 2017 | 800 | $11.00 |
Mar 26, 2017 | 600 | $12.00 |
A physical inventory on March 31, 2017, shows 1,600 units on hand. |
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2017, under each of the following inventory methods assuming that inventory is tracked on a periodic basis.
(a) FIFO
(b) LIFO.
(c) Weighted-average (round unit costs to two decimal places).
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