The following information is available from Jansen's inventory records for Product X:
|
Units
|
Unit Cost
|
|
January 1, 2012 ( Beg. Inventory.)
|
800
|
$9.00
|
|
Purchases:
|
|
|
|
January 5, 2012
|
1,300
|
$10.00
|
|
January 25, 2012
|
1,200
|
$10.50
|
|
February 16, 2012
|
500
|
$11.00
|
|
March 26, 2012
|
900
|
$11.50
|
A physical inventory on March 31, 2012 shows 1,600 units on hand
REQUIRED:
Compute the ending inventory (assuming periodic system) at March 31, 2012, under each of the following inventory methods:
(a)FIFO
(b)LIFO
(c)Weighted Average
B. Aber Company manufactures one product. On December 31, 2011, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $270,000. Inventory data are as follows:
Inventory at Price index
Year year-end prices (base year 2011)
2012 $378,000 1.05
2013 552,000 1.15
2014 575,000 1.25
REQUIRED:
Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method for each year.