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F. Naz
F. Naz, Chartered Accountant
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Steve Company was formed on December 1, 2010. The following

Customer Question

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.
Submitted: 6 years ago.
Category: Homework
Expert:  F. Naz replied 6 years ago.
You may also see the answer in excel format at following link

http://www.mediafire.com/file/oln10mk5zzy/inventories.xls






a
FIFO
unit unit cost value
2300 24 55200
500 22 11000
66200

b
LIFO
1500 19 28500
1300 20 26000
54500

c
WA
2800 21.23469388 59457


1500 19 28500
2600 20 52000
2400 21 50400
1000 22 22000
2300 24 55200
9800 208100

Average cost 208100/9800
21.23469388
Expert:  F. Naz replied 6 years ago.
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