Mills Company was formed on December 1, 2021. The following information is available from Mills inventory records
Question:
Mills Company was formed on December 1, 2021. The following information is available from Mills’ inventory records for Product Zone.
A physical inventory on March 31, 2022, shows 1,500 units on hand.
Instructions
Assuming Mills uses a periodic system, prepare schedules to compute the ending inventory at March 31, 2022, under each of the following inventory methods (round to two decimal places).
a. FIFO.
b. LIFO.
c. Weighted-average.
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Step by Step Answer:
a FIFO Purchase Date Units Purchased Unit Cost Total Cost Jan 5 2022 1100 900 9900 Jan 25 2022 1300 ...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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