Question

Exercise 8-12 (Part Level Submission) Culver Company was formed on December 1, 2016. The following information is available from Culver’s inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) 684 $ 6.00 Purchases:    January 5, 2017 1,368 7.00    January 25, 2017 1,482 8.00    February 16, 2017 912 9.00    March 26, 2017 684 10.00 A physical inventory on March 31, 2017, shows 1,824 units on hand. (a) Your answer is correct. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method. CULVER COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 $ $ Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 $ SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (b) Your answer is partially correct. Try again. Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method. CULVER COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 $ $ Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017 $

Answer 1

CULVER COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD MARCH 31.2017 Unit Cost Total Cost Units 228 S 912| S 684 $ 8.00 S 1,824.00 9.00 $ 8,208.00 10.00 $ 6,840.00 S 16,872.00 Purchases January 25,2017 Purchases February 16,2017 Purchases March 26,2017 Ending Inventory 1824 CULVER COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD MARCH 31,2017 Units Unit Cost Total Cost 684 S 1140 S 6.00 S 4,104.00 7.00 S 7,980.00 $ 12,084.00 Beginning inventory January 5,2017 Ending Inventory 1824