Carla Company was formed on December 1, 2016. The following information is available from Carla's inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) 708 $ 7.00 Purchases: January 5, 2017 1,416 8.00 January 25, 2017 1,534 9.00 February 16, 2017 944 10.00 March 26, 2017 708 11.00 A physical inventory on March 31, 2017, shows 1,888 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.

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Business

Kathryn Larson

3 April, 17:20

Carla Company was formed on December 1, 2016. The following information is available from Carla's inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) 708 $ 7.00 Purchases: January 5, 2017 1,416 8.00 January 25, 2017 1,534 9.00 February 16, 2017 944 10.00 March 26, 2017 708 11.00 A physical inventory on March 31, 2017, shows 1,888 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.

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Antwan Craig · Answer 1

Ending Inventory under FIFO mar-31 1.888 19.352

Explanation:

Purch. Unit cost Purcha ... End. Inv. Cost End. Inv

Beg. Inv. Jan-1 708 7 708 0 0

Jan-5 1.416 8 2.124 0 0

Jan-25 1.534 9 3.658 236 2.124

feb-16 944 10 4.602 944 9.440

mar-26 708 11 5.310 708 7.788

Total purchases 5.310

Ending Inventory mar-31 1.888 19.352