Question
Monty Company was formed on December 1, 2016. The following information is available from Monty's inventory records for Product BAP. Units Unit Cost January 1,
Monty Company was formed on December 1, 2016. The following information is available from Monty's inventory records for Product BAP.
Units
Unit Cost
January 1, 2017 (beginning inventory) 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.
Collapse question part
(a)
Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.
MONTY COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER FIFO INVENTORY METHOD
March 31, 2017
Units
Unit Cost
Total Cost
$
$
$
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
