Ivanhoe Company was formed on December 1, 2019. The following information is available from Ivanhoe's inventory record for Product X.

			Units		Unit Cost
January 1, 2020 (beginning inventory)			2,000		$16
Purchases:
	January 5, 2020		2,500		$18
	January 25, 2020		2,200		$19
	February 16, 2020		1,100		$20
	March 15, 2020		2,200		$21

A physical inventory on March 31, 2020, shows 3,400 units on hand.

(a)

Prepare schedules to compute the ending inventory at March 31, 2020, under FIFO method.

Ivanhoe Company COMPUTATION OF INVENTORY FOR PRODUCT X UNDER FIFO INVENTORY METHOD March 31, 2020
		Units		Unit Cost		Total Cost
March 15, 2020		$		$		$
February 16, 2020
March 31, 2020, inventory