Prepare schedules to compute the ending inventory

Reference no: EM13764182

Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X.

	Units	Unit Cost
January 1, 2011 (beginning inventory)	1,500	$19.00
Purchases:
January 5, 2011	2,600	$20.00
January 25, 2011	2,400	$21.00
February 16, 2011	1,000	$22.00
March 15, 2011	2,300	$24.00

A physical inventory on March 31, 2011, shows 2,800 units on hand.

Instructions:

Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods.

(a) FIFO

(b) LIFO

Show supporting computations in good form.

Reference no: EM13764182

Questions Cloud

Prepare the appropriate entries : Prepare the appropriate entries for January 1, 2012 and December 31, 2012.

What turning points did you experience : Examine your personal life course. What turning points did you experience that led to where you are today. As part of this response please identify a criminological theory which best helps describe and or explain your unique experiences

Create a start-up business to produce a specific product : Create a start-up business to produce a specific product (a good or service). A three to five (3-5) page written research paper on the start- up business, the product and the market structure of the industry is required.

Complete the program that solves the eight queens : Complete the program that solves the Eight Queens problem. The program's output should look similar to:

Prepare schedules to compute the ending inventory : Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods.

Analyze the stories big bertha stories by bobbie ann mason : analyze the stories Big Bertha Stories by Bobbie Ann Mason. Please focus on what you deem important, but choose just one aspect of fiction analysis! Review our Fiction handouts before you make your selection!

Project management database system : Create a project management database system which manages baseline project information for an IT database design project, for many different users in multiple different locations of an organization.

Describe the use of uniform crime reports : Describe the use of Uniform Crime Reports (UCR) and the purpose of the National Crime Information Center (NCIC)

Problem related to multiple-step income statement : Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year

User Account

All Pages