Problem
Sarasota Company was formed on December 1, 2016. The following information is available from Sarasota's inventory records for Product BAP.
|
Units
|
Unit Cost
|
|
January 1, 2017 (beginning inventory)
|
678
|
$ 6.00
|
|
Purchases:
|
|
|
|
January 5, 2017
|
1,356
|
7.00
|
|
January 25, 2017
|
1,469
|
8.00
|
|
February 16, 2017
|
904
|
9.00
|
|
March 26, 2017
|
678
|
10.00
|
A physical inventory on March 31, 2017, shows 1,808 units on hand.
(a) Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.