(TCO G) Rye Company was formed
(TCO G) Rye Company was formed on December 1, 2010. The following information is available from Rye’s inventory record for Product Bread.
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Unit Cost |
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January 1, 2011 (beginning inventory) |
1,700 |
$17.00 |
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Purchases: |
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January 5, 2011 |
2,600 |
$20.00 |
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January 25, 2011 |
2,400 |
$21.00 |
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February 16, 2011 |
1,000 |
$22.00 |
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March 15, 2011 |
2,100 |
$25.00 |
A physical inventory on March 31, 2011, shows 3,000 units on hand.
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods.
(a) FIFO
(b) LIFO
(c) Weighted-average
Show supporting computations in good form.
