Shania Twain Company was formed on December 1, 2019. The following information is available from Twain's inventory records for Product BAP. Units Unit Cost January 1, 2020 (beginning inventory) 600 $ 8.00 Purchases: January 5, 2020 1,200 9.00 January 25, 2020 1,300 10.00 February 16, 2020 800 11.00 March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods. a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places).
Shania Twain Company was formed on December 1, 2019. The following information is available from Twain's inventory records for Product BAP. Units Unit Cost January 1, 2020 (beginning inventory) 600 $ 8.00 Purchases: January 5, 2020 1,200 9.00 January 25, 2020 1,300 10.00 February 16, 2020 800 11.00 March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods. a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places).
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...
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Shania Twain Company was formed on December 1, 2019. The following information is available from Twain's inventory records for Product BAP.
| Units | Unit Cost | |
| January 1, 2020 (beginning inventory) | 600 | $ 8.00 |
| Purchases: | ||
| January 5, 2020 | 1,200 | 9.00 |
| January 25, 2020 | 1,300 | 10.00 |
| February 16, 2020 | 800 | 11.00 |
| March 26, 2020 | 600 | 12.00 |
A physical inventory on March 31, 2020, shows 1,600 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.
a. FIFO
b. LIFO.
c. Weighted-average (round unit costs to two decimal places).
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