tco g rye company was formed

(TCO G) 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

Show supporting computations in good form.

 
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