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Prepare schedules to compute the ending inventory

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Jones Company was formed on December 1. 2019. The following information is available from Jones's inventory record for Product X.

 

Units

Unit Cost

January 1. 2020 (beginning inventory)

2.400

518.00

Purchases:

 

 

January 5, 2020

3.900

520.00

January 25. 2020

3.600

521.00

February 16. 2020

1.500

522.00

March 15. 2020

2.700

S23.00

A physical inventory on March 31. 2020. shows 3.000 units on hand. Instructions (Show all calculations)

Question 1: Prepare schedules to compute the ending inventory at March 31, 2020. under each of the following inventory methods:

(a) FIFO.

(b) LIFO.

(c) Weighted-average.

Reference no: EM132464671

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