ACCOUNTING
Rye Company was formed on December 1, 2010. The following information is available from Rye's inventory record for Product Bread.
Units Unit Cost
January 1, 2011 (beginning inventory) 1,700 $17.00
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 2,100 $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
Click here for the SOLUTION
