(Fifo, Lifo, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016. The following information is available from Twain's inventory records for Product BAP. Units Unit Cost Jan. 1, 2017(beginning inventory) 600 $8.00 Purchases: Jan 5, 2017 1,200 9.00 Jan 25, 2017 1,300 10.00 Feb 16, 2017 800 11.00 March 26, 2017 600 12.00 A physical inventory on March 31, 2017 shows 1,600 units on hand Instructions: Prepare schedules to compute the ending inventory at March 31, 2017 under each of the following inventory methods: (A) FIFO (B) LIFO (C)Weighted-average(round costs to 2 decimal places).
(Fifo, Lifo, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016. The following information is available from Twain's inventory records for Product BAP.
Units Unit Cost
Jan. 1, 2017(beginning inventory) 600 $8.00
Purchases:
Jan 5, 2017 1,200 9.00 Jan 25, 2017 1,300 10.00 Feb 16, 2017 800 11.00 March 26, 2017 600 12.00
A physical inventory on March 31, 2017 shows 1,600 units on hand
Instructions: Prepare schedules to compute the ending inventory at March 31, 2017 under each of the following inventory methods:
(A) FIFO (B) LIFO (C)Weighted-average(round costs to 2 decimal places).
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