Question
Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X. Units Unit Cost January 1,
Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X.
| Units | Unit Cost |
January 1, 2011 (beginning inventory) | 1,500 | $19.00 |
Purchases: |
|
|
January 5, 2011 | 2,600 | $20.00 |
January 25, 2011 | 2,400 | $21.00 |
February 16, 2011 | 1,000 | $22.00 |
March 15, 2011 | 2,300 | $24.00 |
A physical inventory on March 31, 2011, shows 2,800 units on hand. Instructions: Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods. (a) FIFO (b) LIFO (c) Weighted-average Show supporting computations in good form.
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