Solution-Fifo and average-cost inventory

Fifo and average-cost inventory

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Reference no: EM133276079

(FIFO and Average-Cost Inventory)

Esplanade Company was formed on December 1, 2014. The following information is available from Esplanade's inventory records for Product BAP.

	Units	Unit Cost
January 1, 2015 (beginning inventory) Purchases:	600	£8
January 5, 2015	1,100	9
January 25, 2015	1,300	10
February 16, 2015	800	11
March 26, 2015	600	12

A physical inventory on March 31, 2015, shows 1,500 units on hand.

Instructions

Prepare schedules to compute the ending inventory at March 31, 2015, under each of the following inventory methods (round to two decimal places).

(a) Specific identification. (b) FIFO. (c) Weighted-average.

Under (a), 400 units from the beginning inventory are on hand and 1,100 units from the January 5 purchase are on hand.

Reference no: EM133276079

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Fifo and average-cost inventory

Reference no: EM133276079

Reference no: EM133276079

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