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Question - FIFO, LIFO, Average-Cost Inventory - Shania Twain Company was formed on December 1, 2013. The following information is available from Twain's inventory records for Product BAP.
Units
Unit Cost
January 1, 2014 (beginning inventory)
600
$8.00
Purchases:
January 5, 2014
1,200
9.00
January 25, 2014
1,300
10.00
February 16, 2014
800
11.00
March 26, 2014
12.00
A physical inventory on March 31, 2014, shows 1,600 units on hand.
Required - Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods. (a) FIFO. (b) LIFO. (c) Weighted-average.
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