E8-15B (FIFO, LIFO, Average Cost Inventory) Sawyer Company was formed on December 1, 2013. The following information is available from Sawyer’s inventory records for Product BAP.

E8-15B (FIFO, LIFO, Average Cost Inventory) Sawyer Company was formed on December 1, 2013. The

following information is available from Sawyer’s inventory records for Product BAP.

                                                                               Units                      Unit Cost

          January 1, 2014 (beginning inventory)        1,200                        $4.00

           Purchases:

              January 5, 2014                                       2,400                         4.50

              January 25, 2014                                     2,600                         5.00

              February 16, 2014                                   1,600                         5.50

              March 26, 2014                                        1,200                         6.00

A physical inventory on March 31, 2014, shows 3,200 units on hand.

Instructions

Prepare schedules to compute the ending inventory at March 31, 2014, under each of the following inventory methods.

(a) FIFO. (b) LIFO. (c) Weighted average.