Problem:
Jones's Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.
|
January 1, 2014 (beginning inventory)
|
Units
|
Unit Cost
|
|
Purchases
|
1,600
|
$18.00
|
|
January 5, 2014
|
2,600
|
$20.00
|
|
January 25,2014
|
2,400
|
$21.00
|
|
February 16, 2014
|
1,000
|
$22.00
|
|
March 15, 2014
|
1,800
|
$23.0
|
A physical inventory on March 31, 2014, shows 2,000 units on hand.
Required:
Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:
(a) LIFO.
(b) Weighted-average.
Note: Please show basic calculation