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Company was formed on December 1, 2010. The following information is available from Rye's inventory record for Product Bread.
Units
Unit Cost
January 1, 2011 (beginning inventory)
1,700
$17.00
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
2,100
$25.00
A physical inventory on March 31, 2011, shows 3,000 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
(c) Weighted-average
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