Question 3 Shania Twain Company was formed on December 1, 2013. The following in

Question

Question 3

Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP.

Units

Unit Cost

A physical inventory on March 31, 2014, shows 1,816 units on hand.

Prepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods.

Ending Inventory At March 31, 2014, under FIFO Inventory Methods= $?

Prepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods.

Ending Inventory At March 31, 2014, under LIFO Inventory Method= $?

Calculate average-cost per unit.

Weighted average-cost per unit=$?

Prepare schedules to compute the ending inventory at March 31, 2014, under Weighted-average inventory methods.

Ending Inventory At March 31, 2014, under Weighted-average Inventory Methods= $?

Please Provide Work or Eplanation.

Units

Unit Cost

January 1, 2014 (beginning inventory) 681 $ 7 Purchases:    January 5, 2014 1,362 8    January 25, 2014 1,476 9    February 16, 2014 908 10    March 26, 2014 681 11

Explanation / Answer

Date Description Units Unit Cost Amount 01.01.14 Opening Inventory 681 $7 $4,767 05.01.14 Purchases 1362 $8 $10,896 25.01.14 Purchases 1476 $9 $13,284 16.02.14 Purchases 908 $10 $9,080 26.03.14 Purchases 681 $11 $7,491 5108 $45 $45,518 FIFO Method Inventory 227 $9 $2,043 908 $10 $9,080 681 $11 $7,491 1816 $18,614 LIFO Method Inventory 681 $7 $4,767 1135 $8 $9,080 1816 $13,847 Average Inventory Method 1816 $9.00 $16,344 Average cost per unit $9.00 Weighted Avg Inventory Method 1816 $8.91 $16,183 Average cost per unit $8.91

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