Question - Given the following inventory data from Mason Corporation, what would be the inventory value charged to job one (quantity of parts needed is 175) using FIFO, LIFO, and weighted average methods:
Receipt Date Units Value Extended Value
1/1/X1 100 $10.00 $1,000
2/1/X1 50 $11.00 $ 550
4/1/X1 75 $12.00 $ 900
6/1/X1 150 $13.00 $1,950
9/1/X1 75 $14.00 $1,050
Total 450 $5,450
1. What would be the inventory value charged using FIFO?
2. What would be the inventory value charged using LIFO?
3. What would be the inventory value charged using weighted average?