Exercise 8-15 Shania Twain Company was formed on December 1, 2013. The following
ID: 2467779 • Letter: E
Question
Exercise 8-15 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 741 anuary 1, 2014 (beginning inventory) Purchases: $ 7 January 5, 2014 January 25, 2014 February 16, 2014 March 26, 2014 1,482 1,606 988 741 8 9 10 A physical inventory on March 31, 2014, shows 1,976 units on hand Prepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) IFO Ending Inventory at March 31, 2014 s Prepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) IFO Ending Inventory at March 31, 2014Explanation / Answer
Answer
Answer 1
FIFO inventory method
Figures in $
Particulars
Units
Unit cost
Total
Closing inventory
247
9
2223
988
10
9880
741
11
8151
1976
20254
Answer 2
LIFO inventory method
Figures in $
Particulars
Units
Unit cost
Total
Closing inventory
741
7
5187
1235
8
9880
1976
15067
Answer 3
Weighted average method
Figures in $
Particulars
Units
Unit cost
Total
Beginning Inventory
741
7
5187
Purchases
1482
8
11856
1606
9
14454
988
10
9880
741
11
8151
Weighted Average cost per unit
5558
8.91
49528
(49528/5558)
Answer 4
Weighted Average Inventory
Figures in $
Particulars
Units
Unit cost
Total
Inventory
1976
8.91
17608.371
FIFO inventory method
Figures in $
Particulars
Units
Unit cost
Total
Closing inventory
247
9
2223
988
10
9880
741
11
8151
1976
20254
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.