Wildhorse Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Wildhorse’s inventory records for Zhao’s only product, the XL5500. Units Unit Cost January 1, 2017 (beginning inventory) 1,000 $77 Purchases January 8, 2017 300 78 January 23, 2017 1,100 78.25 February 9, 2017 400 82 February 25, 2017 750 84 A physical inventory on February 28, 2017, shows 1,250 units on hand. Prepare schedule to compute the ending inventory at February 28, 2017, under LIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)
Wildhorse Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Wildhorse’s inventory records for Zhao’s only product, the XL5500. Units Unit Cost January 1, 2017 (beginning inventory) 1,000 $77 Purchases January 8, 2017 300 78 January 23, 2017 1,100 78.25 February 9, 2017 400 82 February 25, 2017 750 84 A physical inventory on February 28, 2017, shows 1,250 units on hand. Prepare schedule to compute the ending inventory at February 28, 2017, under LIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)
Chapter1: Financial Statements And Business Decisions
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Wildhorse Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Wildhorse’s inventory records for Zhao’s only product, the XL5500.
A physical inventory on February 28, 2017, shows 1,250 units on hand.
|
Units
|
Unit Cost
|
|||
|---|---|---|---|---|
| January 1, 2017 (beginning inventory) | 1,000 | $77 | ||
| Purchases | ||||
| January 8, 2017 | 300 | 78 | ||
| January 23, 2017 | 1,100 | 78.25 | ||
| February 9, 2017 | 400 | 82 | ||
| February 25, 2017 | 750 | 84 |
A physical inventory on February 28, 2017, shows 1,250 units on hand.
Prepare schedule to compute the ending inventory at February 28, 2017, under LIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)
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