Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory recordsfor Product BAP.January 1, 2020 (beginning inventory)Purchases:January 5, 2020January 25, 2020February 16, 2020March 26, 2020Units1,6803,3603,6402,2401,680Unit Cost$89101112A physical inventory on March 31, 2020, shows 4,480 units on hand.Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method.KIMBERLY YOUNG COMPANYCOMPUTATION OF INVENTORY FOR PRODUCTBAP UNDER FIFO INVENTORY METHODMarch 31, 2020Units$Unit Cost$$Total Cost Prepare schedule to compute the ending inventory at March 31, 2020, under LIFO inventory method.eTextbook and MediaVWeighted average-cost per uniteTextbook and MediaCalculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)KIMBERLY YOUNG COMPANYCOMPUTATION OF INVENTORY FOR PRODUCTBAP UNDER LIFO INVENTORY METHODMarch 31, 2020$Ending Inventory at March 31, 2020Units$$Weighted-AverageUnit Cost$Compute the ending inventory at March 31, 2020, under Weighted-average inventory method. (Round answer to O decimalplaces, e.g. 2,760.)$Total Cost

Name: Kimberly Young Company was formed on December 1, 2019. The following
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Description: Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory recordsfor Product BAP.January 1, 2020 (beginning inventory)Purchases:January 5, 2020January 25, 2020February 16, 2020March 26, 2020

Under periodic inventory system the cost of goods sold and inventory are not updated simultaneously.…

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Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory re or Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand.

Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory re or Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory records
for Product BAP.
January 1, 2020 (beginning inventory)
Purchases:
January 5, 2020
January 25, 2020
February 16, 2020
March 26, 2020
Units
1,680
3,360
3,640
2,240
1,680
Unit Cost
$8
9
10
11
12
A physical inventory on March 31, 2020, shows 4,480 units on hand.
Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method.
KIMBERLY YOUNG COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER FIFO INVENTORY METHOD
March 31, 2020
Units
$
Unit Cost
$
$
Total Cost

Prepare schedule to compute the ending inventory at March 31, 2020, under LIFO inventory method.
eTextbook and Media
V
Weighted average-cost per unit
eTextbook and Media
Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
KIMBERLY YOUNG COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER LIFO INVENTORY METHOD
March 31, 2020
$
Ending Inventory at March 31, 2020
Units
$
$
Weighted-Average
Unit Cost
$
Compute the ending inventory at March 31, 2020, under Weighted-average inventory method. (Round answer to O decimal
places, e.g. 2,760.)
$
Total Cost

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