Question
Mills Company was formed on December 1, 2014. The following information is available from Mills' inventory records for Product Zone. Units Unit cost January 1,
Mills Company was formed on December 1, 2014. The following information is available from Mills' inventory records for Product Zone.
Units Unit cost January 1, 2015 (beginning inventory) 600 $8.00 Purchases: January 5, 2015 1,100 9.00 January 25, 2015 1,300 10.00 February 16, 2015 800 11.00 March 26, 2015 600 12.00
A physical inventory on March 31, 2015, shows 1,500 units on hand.
1) Prepare a schedule to compute the ending inventory at March 31, 2015 under the FIFO inventory method.
2) Prepare a schedule to compute the ending inventory at March 31, 2015 under the LIFO inventory method.
3)Prepare a schedule to compute the ending inventory at March 31, 2015, under the weighted-average inventory method. (Round weighted-average cost to 2 decimal places, e.g. 15.75 and Round the inventory on March to 0 decimal places, e.g. 1,250.)
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