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Waterway Company was formed on December 1, 2016. The following information is available from Waterways inventory records for Product BAP. Units Unit Cost January 1,
Waterway Company was formed on December 1, 2016. The following information is available from Waterways inventory records for Product BAP.
Units | Unit Cost | |||
January 1, 2017 (beginning inventory) | 714 | $ 8.00 | ||
Purchases: | ||||
January 5, 2017 | 1,428 | 9.00 | ||
January 25, 2017 | 1,547 | 10.00 | ||
February 16, 2017 | 952 | 11.00 | ||
March 26, 2017 | 714 | 12.00 |
A physical inventory on March 31, 2017, shows 1,904 units on hand.
(a) Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.
b) Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method.
COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost Purchases January 25, 2017 Purchases February 16, 2017 952 10472 Purchases March 26, 2017 714 8568 Ending Inventory COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost LINK TO TEXT Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit LINK TO TEXT Compute the ending inventory at March 31, 2017, under Weighted average inventory method. (Round answer to 0 decimal places, e.g. 2,760.) Weighted-Average Ending Inventory at March 31, 2017Step by Step Solution
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