Exercise 8-12 (Part Level Submission) Ivanhoe Company was formed on December 1, 2016. The following information is available from Ivanhoe's inventory records for Product BAP. Unit Cost Units 720 $ 5.00 January 1, 2017 (beginning inventory) Purchases: January 5, 2017 January 25, 2017 February 16, 2017 March 26, 2017 1,440 1.560 9.00 10.00 11.00 12.00 960 720 A physical inventory on March 31, 2017, shows 1,920 units on hand. Your answer is correct. 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 Purchases March 26, 2017 720 12 86401 Purchases February 16, 2017 960 11 10560 Purchases January 25, 2017 240 10 2400 Ending Inventory 1920 216000 SHOW ANSWER LINK TO TEXT (b) Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method. IVANHOE COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost LINK TO TEXT