Question 1 Jones Company was formed on December 1, 2014. The following information is available from Jones's inventory record for Product X. Units Unit Cost January 1, 2015 (beginning inventory) 800 $18.00 Purchases: January 5, 2015 1,300 $20.00 January 25, 2015 1,200 $21.00 February 16, 2015 500 $22.00 March 15, 2015 900 $23.00 A physical inventory on March 31, 2015, shows 1,250 units on hand. Instructions Prepare schedules assuming the periodic method to compute the ending inventory at March 31, 2015, under each of the following inventory methods: (a) FIFO. (b) Weighted average. *(c) LIFO. Show supporting computations in good form. 4 Marks Question 2 When you undertook the preparation of the financial statements for Telfer Company at January 31, 2016, the following data were available: At Cost At Retail Inventory, February 1, 2015 $70,800 S 98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 10,000 Purchases 219,500 294,000 Sales 345,000 Purchases returns and allowances 4,300 5,500 Sales returns and allowances 10.000 Instructions Compute the ending inventory at cost as of January 31, 2016, using the retail method which approximates lower of cost or net realizable value. Your solution should be in good form with amounts clearly labeled. 3.5 Marks