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Company was formed on December 1, 2020. The following information is available from inventory...

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Question

Accounting

Company was formed on December 1, 2020. The following information is available from

inventory record for Product A.

Units Unit Cost

January 1, 2022 (beginning inventory) 2,700 $16.00

Purchases:

January 5, 2022 3,400 $18.00

January 29, 2022 3,600 $20.50

February 1, 2022 1,900 $22.00

March 3, 2022 2,400 $25.50

A physical inventory on March 31, 2022, shows 3,700 units on hand.

Instructions

First, calculate cost of goods available for sale.

Prepare schedules to compute the ending inventory and COGS (round to the nearest dollar) at March 31,

2022, under each of the following inventory methods:

(a) FIFO.

(b) LIFO.

(c) Weighted-average.

Show supporting computations in good form with layers for each of the six calculations using the

periodic method of account.

Answer & Explanation Solved by verified expert
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