Question

Flint Company was formed on December 1, 2016. The following information is available from Flint’s inventory...

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

Units

Unit Cost
January 1, 2017 (beginning inventory) 684 $ 6.00
Purchases:
   January 5, 2017 1,368 7.00
   January 25, 2017 1,482 8.00
   February 16, 2017 912 9.00
   March 26, 2017 684 10.00

A physical inventory on March 31, 2017, shows 1,824 units on hand.

(a)

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

FLINT COMPANY
COMPUTATION OF INVENTORY FOR PRODUCT
BAP UNDER FIFO INVENTORY METHOD
March 31, 2017

Units

Unit Cost

Total Cost

Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017

 $ $

Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017

Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017

Beginning InventoryEnding InventoryPurchases January 5, 2017Purchases January 25, 2017Purchases February 16, 2017Purchases March 26, 2017

 $
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Homework Answers

Answer #1

Answer- Ending inventory at March 31,2017, under FIFO inventory method = $16872.

FIFO Method
Goods purchased Cost of goods sold Inventory balance
Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance
2017
Jan-01 684 6 4104
Jan-05 1368 7 684 6 4104
1368 7 9576
Jan-25 1482 8 684 6 4104
1368 7 9576
1482 8 11856
Feb-16 912 9 684 6 4104
1368 7 9576
1482 8 11856
912 9 8208
Mar-26 684 10 684 6 4104
1368 7 9576
1482 8 11856
912 9 8208
684 10 6840
Mar-31 684 6 4104 228 8 1824
1368 7 9576 912 9 8208
1254 8 10032 684 10 6840
Totals 3306 23712 1824 16872
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