ACD Company was formed on December 1, 2018. The followinginformation is available from ACD's inventory record for ProductX.
Units Unit Cost
January 1, 2019 (beginninginventory) 1,600 £18.00
Purchases:
January 5,2019 2,600 £20.00
January 25,2019 2,400 £21.00
February 16,2019 1,000 £22.00
March 15,2019 1,800 £23.00
A physical inventory on March 31, 2019, shows 2,500 units onhand.
Instructions
Prepare schedules assuming the periodic method to compute the1/cost of goods sold and 2/the ending inventory at March 31, 2019,under each of the following inventory methods:
(a) FIFO.
(b) Weighted-average.
(c) LIFO.
