Company was formed on December 1, 2010. The following information is available from Rye's inventory record for Product Bread.
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Units
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Unit Cost
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January 1, 2011 (beginning inventory)
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1,700
|
$17.00
|
|
Purchases:
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|
|
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January 5, 2011
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2,600
|
$20.00
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|
January 25, 2011
|
2,400
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$21.00
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|
February 16, 2011
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1,000
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$22.00
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|
March 15, 2011
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2,100
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$25.00
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A physical inventory on March 31, 2011, shows 3,000 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