Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X.
| |
Units
|
Unit Cost
|
|
January 1, 2011 (beginning inventory)
|
1,500
|
$19.00
|
|
Purchases:
|
|
|
|
January 5, 2011
|
2,600
|
$20.00
|
|
January 25, 2011
|
2,400
|
$21.00
|
|
February 16, 2011
|
1,000
|
$22.00
|
|
March 15, 2011
|
2,300
|
$24.00
|
A physical inventory on March 31, 2011, shows 2,800 units on hand.
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods.
(a) FIFO
(b) LIFO
(c) Weighted-average
Show supporting computations in good form.