Victoria Company was formed on December 1, 2013. The following information is available from Jones’s inventory record for Product X
January 1, 2014 (beginning invnetory) 1600 units , unit cost $18.00
Purchases:
January 5, 2014: 2600 units, unit cost $20.00
February 16, 2014: 1,000 units, unit cost $22.00
March 15, 2014: 1,800 units, unit cost $23.00
A physcial inventory on March 31, 2014, shows 2,000 units on hand
Instructions:
Prepare schedules to compute the ENDING INVENTORY at March 31, 2014, under each of the following methods. Show computations in complete form.
(A) FIFO
(B) LIFO
(C) Weighted Average