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The following information is available from Jansen's inventory records for Product X: Units Unit Cost January 1, 2012 ( Beg. Inventory.) 800 $9.00 Purchases: January

The following information is available from Jansen's inventory records for Product X:

Units

Unit Cost

January 1, 2012 ( Beg. Inventory.)

800

$9.00

Purchases:

January 5, 2012

1,300

$10.00

January 25, 2012

1,200

$10.50

February 16, 2012

500

$11.00

March 26, 2012

900

$11.50

A physical inventory on March 31, 2012 shows 1,600 units on hand

REQUIRED:

Compute the ending inventory (assuming periodic system) at March 31, 2012, under each of the following inventory methods:

(a) FIFO

(b) LIFO

(c) Weighted Average

B. Aber Company manufactures one product. On December 31, 2011, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $270,000. Inventory data are as follows:

Inventory at Price index

Year year-end prices (base year 2011)

2012 $378,000 1.05

2013 552,000 1.15

2014 575,000 1.25

REQUIRED:

Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method for each year.

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