Jones Company was formed on December record for Product X. Jones uses the period

Question

Jones Company was formed on December record for Product X. Jones uses the periodic inventory 1,2016. The following information is available from Jones's inventory me thod. January 1, 2017 (beginning inventory) Purchases Units 2,400 Unit Cost $18.00 January 5, 2017 January 25, 2017 February 16, 2017 March 15, 2017 3,900 3,600 1,500 2,700 $20.00 $21.00 $22.00 $23.00 A physical inventory on March 31, 2017, shows 3,000 units on hand. Required: P repare schedules to compute the ending inventory at March 31, 2017, under each of the following ds: Show supporting computations in good form. A. FIFO B. LIFO C. Weighted-average

Explanation / Answer

Schedule :

Calculate ending inventory :

a) FIFO = (2700*23+300*22) = $68700

b) LIFO = (2400*18+600*20) = $55200

c) Weighted average cost = (291900/14100)*3000 = $62106

Unit Cosst Beginning inventory 2400 43200 January 5 3900 78000 Jan 25 3600 75600 Feb 16 1500 33000 Maar 15 2700 62100 Total 14100 291900

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