Exercise 8-12 (Part Level Submission)

Ivanhoe Company was formed on December 1, 2016. The following information is available from Ivanhoes inventory records for Product BAP.

		Units		Unit Cost
January 1, 2017 (beginning inventory)		720		$ 8.00
Purchases:
January 5, 2017		1,440		9.00
January 25, 2017		1,560		10.00
February 16, 2017		960		11.00
March 26, 2017		720		12.00

A physical inventory on March 31, 2017, shows 1,920 units on hand.

(a)

Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.

IVANHOE COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017
		Units		Unit Cost		Total Cost

			$		$

$