Prepare schedules to compute the ending inventory at March

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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

600

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.

Reference no: EM133064415

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