inventory valuation methods basic computations the january beginning inventory of th 502430

Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

Date Quantity Cost

1/15 700 $45

1/31 1200 $48

2/12 800 $46

2/27 650 $51

Sales during the first quarter were.

Date Sold

1/19 500

2/2 600

2/13 500

2/28 100

The White Company uses a perpetual inventory system.

Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.

FIFO

LIFO

Weighted Average

Goods available for sale

$

$

$

Ending inventory, March 31

Cost of goods sold