Richard Company was formed on December 1, 2016. The following information is availble from Richard's inventory record for product X.                                                                             Units            Unit Cost Jan 1, 2017 beginning iventory                        2,400                   $18 Purchases Jan 5, 2017                                                        3,900                   $20 Jan 25, 2017                                                      3,600                   $21 Feb 16, 2017                                                      1,500                   $22 March 15,2017                                                   2,700                   $23 Physical inventory on March 31, 2017 shows 3,000 units on hand. Prepare schedules to compute the ending inventory at March 31, 2017, using the following inventory methods FIFO, LIFO, Weighted avg

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Richard Company was formed on December 1, 2016. The following information is availble from Richard's inventory record for product X.

                                                                            Units            Unit Cost

Jan 1, 2017 beginning iventory                        2,400                   $18

Purchases

Jan 5, 2017                                                        3,900                   $20

Jan 25, 2017                                                      3,600                   $21

Feb 16, 2017                                                      1,500                   $22

March 15,2017                                                   2,700                   $23

Physical inventory on March 31, 2017 shows 3,000 units on hand.

Prepare schedules to compute the ending inventory at March 31, 2017, using the following inventory methods FIFO, LIFO, Weighted avg

 

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