Question
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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