Compute ending inventory under FIFO, LIFO and weighted average cost
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Novi Co was formed in December 1, 2006. The following information is available from Novi's inventory record for product x:
Units Unit cost
Jan 1, 2007 1,600 $18.00
beg. inventory
Purchases:
1/5/07 2,600 $20.00
1/25/07 2,400 21.00
2/16/07 1,000 22.00
3/15/07 1,800 23.00
A physical inventory on March 31, 2007 shows 2,400 units on hand.
Instructions:
Prepare a schedule to compute the ending inventory at March 31, 2007 under each method.
A. FIFO
B. LIFO
C. Weighted average
Show supporting computations in good form
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Solution Summary
The solution computes the ending inventory under FIFO, LIFO and WAC for Novi Co.
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