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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
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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