(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December 1, 2010. The following information is available from Esplanade’s inventory records for Product BAP.
|
Units |
Unit Cost |
|
|
January 1, 2010 (beginning inventory) |
600 |
8.00 |
|
Purchases: |
||
|
January 5, 2010 |
1,100 |
9.00 |
|
January 25, 2010 |
1,300 |
10.00 |
|
February 6, 2010 |
800 |
11.00 |
|
March 26, 2010 |
600 |
12.00 |
A physical inventory on March 31, 2010, shows 1,500 units on hand.
Required:
Prepare schedules to compute the ending inventory at March 31, 2010, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.
(a) FIFO
(b) LIFO
(c) Weighted average