Question
Jones's Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X. January 1, 2014 (beginning inventory)
Jones's Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.
January 1, 2014 (beginning inventory) | Units | Unit Cost |
Purchases | 1,600 | $18.00 |
January 5, 2014 | 2,600 | $20.00 |
January 25,2014 | 2,400 | $21.00 |
February 16, 2014 | 1,000 | $22.00 |
March 15, 2014 | 1,800 | $23.0 |
A physical inventory on March 31, 2014, shows 2,000 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:
(a) LIFO.
(b) Weighted-average.
Show supporting computations in good form.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started