(Fifo, Lifo, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016.  The following information is available from Twain's inventory records for Product BAP.                                                                   Units                  Unit Cost Jan. 1, 2017(beginning inventory)              600                       $8.00 Purchases: Jan 5, 2017                                                   1,200                    9.00              Jan 25, 2017                                                  1,300                   10.00           Feb 16, 2017                                                   800                     11.00           March 26, 2017                                                600                    12.00 A physical inventory on March 31, 2017 shows 1,600 units on hand Instructions: Prepare schedules to compute the ending inventory at March 31, 2017 under each of the following inventory methods: (A) FIFO           (B) LIFO       (C)Weighted-average(round costs to 2 decimal places).

Question

(Fifo, Lifo, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016.  The following information is available from Twain's inventory records for Product BAP.

                                                                  Units                  Unit Cost

Jan. 1, 2017(beginning inventory)              600                       $8.00

Purchases:

Jan 5, 2017                                                   1,200                    9.00              Jan 25, 2017                                                  1,300                   10.00           Feb 16, 2017                                                   800                     11.00           March 26, 2017                                                600                    12.00

A physical inventory on March 31, 2017 shows 1,600 units on hand

Instructions: Prepare schedules to compute the ending inventory at March 31, 2017 under each of the following inventory methods:

(A) FIFO           (B) LIFO       (C)Weighted-average(round costs to 2 decimal places).

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