Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.

			Units		Unit Cost
January 1, 2014 (beginning inventory)			1,600		$18.00
Purchases:
	January 5, 2014		2,600		$20.00
	January 25, 2014		2,400		$21.00
	February 16, 2014		1,000		$22.00
	March 15, 2014		1,800		$23.00

A physical inventory on March 31, 2014, shows 2,000 units on hand.

Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:

{C}

Warning

Don't show me this message again for the assignment

Ok

Cancel

Prepare schedules to compute the ending inventory at March 31, 2014, under FIFO method.

Jones Company COMPUTATION OF INVENTORY FOR PRODUCT X UNDER FIFO INVENTORY METHOD March 31, 2014
		Units		Unit Cost		Total Cost
March 15, 2014		$		$		$
February 16, 2014
March 31, 2014, inventory

Warning

Don't show me this message again for the assignment

Ok

Cancel

Prepare schedules to compute the ending inventory at March 31, 2014, under LIFO method.

Jones Company COMPUTATION OF INVENTORY FOR PRODUCT X UNDER LIFO INVENTORY METHOD March 31, 2014
		Units		Unit Cost		Total Cost
Beginning inventory		$		$		$
January 5, 2014 (portion)
March 31, 2014, inventory

Prepare schedules to compute the ending inventory at March 31, 2014, under Weighted-average method. (Round unit cost to 2 decimal places, e.g. 52.75)

Jones Company COMPUTATION OF INVENTORY FOR PRODUCT X UNDER WEIGHTED-AVERAGE INVENTORY METHOD March 31, 2014
		Units		Unit Cost		Total Cost
Beginning inventory		$		$		$
January 5, 2014
January 25, 2014
February 16, 2014
March 15, 2014
						$
March 31, 2014, inventory				$		$

Answer rating: 100% (QA)

Solution Jones Company COMPUTATION OF INVENTORY FOR PRODUCT X UNDER FIFO INVENTORY METHOD Units Unit ... View the full answer