Ivanhoe Company was formed on December 1, 2016. The following information is available from Ivanhoe's inventory records for Product BAP.
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Units
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Unit Cost
|
|
January 1, 2017 (beginning inventory)
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720
|
mce_markernbsp;8.00
|
|
Purchases:
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|
|
|
January 5, 2017
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1,440
|
9.00
|
|
January 25, 2017
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1,560
|
10.00
|
|
February 16, 2017
|
960
|
11.00
|
|
March 26, 2017
|
720
|
12.00
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A physical inventory on March 31, 2017, shows 1,920 units on hand
Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.