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Prepare schedules to compute the ending inventory at March

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Question - 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

$18.00

Purchases:

 

 

January 5, 2020

3,900

$20.00

January 25, 2020

3,600

$21.00

February 16, 2020

1,500

$22.00

March 15, 2020

2,700

$23.00

A physical inventory on March 31, 2020, shows 3,000 units on hand.

Required - 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.

Show supporting computations in good form.

Reference no: EM132853533

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