FIFO, LIFO, Average Cost Inventory - Shania Twain Company
Not what you're looking for?
E8-15 (FIFO, LIFO, Average Cost Inventory) Shania Twain Company was formed on December 1,
2006. The following information is available from Twain's inventory records for Product BAP.
Units Unit Cost
January 1, 2007 (beginning inventory) 600 $ 8.00
Purchases:
January 5, 2007 1,200 9.00
January 25, 2007 1,300 10.00
February 16, 2007 800 11.00
March 26, 2007 600 12.00
A physical inventory on March 31, 2007, shows 1,600 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2007, under each of the following inventory
methods.
(a) FIFO. (b) LIFO. (c) Weighted average.
Purchase this Solution
Solution Summary
Excel spreadsheet attached prepares schedules to compute ending inventory using the FIFO, LIFO and weighted average methods.
Solution Preview
Note:
*** Remember, this service is not intended to be used as "homework completion, I am giving you the ...
Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.