Question -
Pharoah Company was formed on December 1, 2016. The following information is available from Pharoah's inventory records for Product BAP.
|
|
Units
|
Unit Cost
|
|
January 1, 2017
|
732
|
$8.00
|
|
Purchases:
|
|
|
|
January 5, 2017
|
1,464
|
9.00
|
|
January 25, 2017
|
1,586
|
10.00
|
|
February 16, 2017
|
976
|
11.00
|
|
March 26, 2017
|
732
|
12.00
|
A physical inventory on March 31, 2017, shows 1,952 units on hand.
Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.