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(TCO G) Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X.;Units;Unit Cost;January 1, 2011 (beginning inventory);1,500;$19.00;Purchases;January 5, 2011;2,600;$20.00;January 25, 2011;2,400;$21.00;February 16, 2011;1,000;$22.00;March 15, 2011;2,300;$24.00;A physical inventory on March 31, 2011, shows 2,800 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. (Points: 40)

 

Paper#74156 | Written in 18-Jul-2015

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