Inventory methods.
Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X. A physical inventory on March 31, 2014, shows 2,000 units on hand.

Instructions
Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.Show supporting computations in good form.

Question

Inventory methods.
Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.  A physical inventory on March 31, 2014, shows 2,000 units on hand.

Instructions
Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.Show supporting computations in good form.

Quizplus · Accepted Answer

The Answer of Inventory methods.
Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X.  A physical inventory on March 31, 2014, shows 2,000 units on hand.

Instructions
Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.Show supporting computations in good form.

Inventory Methods. Jones Company Was Formed on December 1, 2013. the Following