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Accounting

Problem:

Jones's Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.

January 1, 2014 (beginning inventory)	Units	Unit Cost
Purchases	1,600	$18.00
January 5, 2014	2,600	$20.00
January 25,2014	2,400	$21.00
February 16, 2014	1,000	$22.00
March 15, 2014	1,800	$23.0

A physical inventory on March 31, 2014, shows 2,000 units on hand.

Required:

Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:

(a) LIFO.

(b) Weighted-average.

Note: Please show basic calculation

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163791

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