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The following information is available from Jamona’s inventory
records
Units
January 1, 2007 (beginning inventory)
600
Unit Cost
$ 8.00
Purchases:
January 5, 2007 1,200 9.00
January 25, 2007 1,300 10.00
February 16, 2007 800 11.00
March 26, 2007 600 12.00
A physical inventory on March 31, 2007, shows 1,600 units on hand.
Select any one of the inventory methods (LIFO, FIFO, Average
Cost, or others).
On July 6, Jamona Corp. acquired the plant assets of Berry
Company, which had discontinued operations. The appraised value
of the property is:
Land $ 400,000
Building 1,200,000