Jergens had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:

Date Purchases Sales

Jan. 14 375 @ $28

17 250 @ $20

25 250 @ $22

29 250 @ $32

Jergens does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31.

1. Compute the cost of the inventory at January 31, using the FIFO method

Compute The cost of the inventory at January 31, under the LIFO method is:

Answer rating: 100% (QA)

To compute the cost of the inventory at January 31 using the FIFO FirstIn FirstOut method you assume ... View the full answer