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Jones Company was formed on December 1, 2016. The following information is available from Jones's inventory record for Product X. Units Unit Cost Total 1/1/17
Jones Company was formed on December 1, 2016. The following information is available from Jones's inventory record for Product X. Units Unit Cost Total 1/1/17 2,400 $18.00 $43,200.00 Purchases: 5-Jan-17 3,900 $20.00 $78,000.00 25-Jan-17 3,600 $21.00 $75,600.00 16-Feb-17 1,500 $22.00 $33,000.00 15-Mar-17 2,700 $23.00 $62,100.00 14,100 $291,900.00 Sales: 28-Jan-17 7,000 $35.00 $245,000.00 23-Feb-17 300 $35.00 $10,500.00 25-Feb-17 700 $35.00 $24,500.00 12-Mar-17 400 $35.00 $14,000.00 27-Mar-17 1,000 $35.00 $35,000.00 9,400 $329,000.00 Required a. b. Determine the value of ending inventory under LIFO assuming Jones uses the periodic inventory method. Determine the value of COGS under LIFO assuming Jones uses the perpetual inventory method. c. Determine the value of COGS under FIFO assuming Jones uses the periodic inventory method. Determine the value of ending inventory under Average Cost assuming Jones uses the periodic inventory method. d
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