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Prepare schedule to compute the ending inventory
Course:- Accounting Basics
Reference No.:- EM131677754




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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.




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