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Question - Inventory methods - The following information is available from Jones's inventory record for Product X in 2017.
Units
Unit Cost
January 1, 2017 (beginning inventory)
2,400
$18.00
Purchases:
January 5, 2017
3,900
$20.00
March 25, 2017
3,600
$21.00
July 16, 2017
1,500
$22.00
October 15, 2017
2,700
$23.00
Assume that Jones uses a periodic inventory system. A physical inventory on December 31, 2017, shows 3,000 units on hand.
Instructions - Compute the ending inventory at December 31, 2017, under each of the following inventory methods (Show supporting computations):
(a) FIFO.
(b) LIFO.
(c) Weighted Average Cost.
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