Prepare schedules to compute the ending inventory

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Reference no: EM13764182

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

Show supporting computations in good form.

Reference no: EM13764182

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