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The Cleft Music Company was formed on December 1, 2013. The following information is available from Cleft's inventory records: Unit Cost Units Balance at January

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The Cleft Music Company was formed on December 1, 2013. The following information is available from Cleft's inventory records: Unit Cost Units Balance at January 1, 2014 4, 800 $14.25 Purchases January 17, 2014 9, 000 15.00 March 12, 2014 16.50 7,200 15.75 June 23, 2014 3, 600 November 15, 2014 s,400 17.25 The company uses a periodic inventory system, and a physical inventory on November 30, 2014, shows 9,600 units on hand. Prepare schedules to compute the ending inventory at November 30, 2014, under each of the following inventory methods: The company uses a periodic inventory system, and a physical invenory on November Ju, 2014, shows 9,600 units on hand. Prepare schedules to compute the ending inventory at November 30, 2014, under each of the following inventory methods: FIFO (1) (2) LIFO. Average cost (3)

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