Question: Jones Company was formed on December 1, 2021. The following information is available from Jones's inventory record for Product X. Units Unit Cost January 1, 2022 (beginning inventory) 1,600 £18.00 Purchases: January 5, 2022 2,600 £20.00 January 25, 2022 2,400 £21.00 February 16, 2022 1,000 £22.00 March 15, 2022 1,800 £23.00 A physical inventory on March 31, 2022, shows 2,500 units on hand. Instructions Prepare schedules assuming the periodic method to compute the ending inventory at March 31, 2022, under each of the following inventory methods: (a) FIFO. (b) Weighted-average.
Question:
Jones Company was formed on December 1, 2021. The following information is available from Jones's inventory record for Product X.
Units Unit Cost
January 1, 2022 (beginning inventory) 1,600 £18.00
Purchases:
January 5, 2022 2,600 £20.00
January 25, 2022 2,400 £21.00
February 16, 2022 1,000 £22.00
March 15, 2022 1,800 £23.00
A physical inventory on March 31, 2022, shows 2,500 units on hand.
Instructions
Prepare schedules assuming the periodic method to compute the ending inventory at March 31, 2022, under each of the following inventory methods:
(a) FIFO.
(b) Weighted-average.
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