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Sentaro Company sells luxury clothing goods. The following information is available from the companys inventory...

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Question

Accounting

Sentaro Company sells luxury clothing goods. The following information is available from the companys inventory record for Product X.
Date Units Unit Cost
January 1 Beginning inventory 1600 $18
January 5 Purchases 2600 $20
January 25 Purchases 2400 $21
February 16 Purchases 1000 $22
March 15 Purchases 1800 $23
A physical inventory on March 31,2022, shows 2,500 units on hand.
Instructions:
a) Assume the company uses the FIFO method, calculate the amount assigned to ending inventory on hand at March 31,2022.(Show computations)
b) Assume the company uses the weighted average method, calculate the amount assigned to ending inventory on hand at March 31,2022.(Show computations) c) Under which method would Net Income for the company be highest, and why?

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