Question

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

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
Business   Accounting   
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Homework Answers

Answer #1

FIFO

Date Particular Units Unit Cost Total Cost
Jan-01 Beginning Inventory 2000 16 32000
Jan-05 Purchases 2500 18 45000
Jan-25 Purchases 2200 19 41800
Feb-16 Purchases 1100 20 22000
Mar-15 Purchases 2200 21 46200
Goods available for sale 10000 187000
Units from beginning inventory 2000 16 32000
Units from Purchases Jan 05 2500 18 45000
Units from Purchases Jan 25 2100 19 39900
Cost of goods sold 6600 116900
Units from Purchases Jan 25 100 19 1900
Units from Purchases Feb 16 1100 20 22000
Units from Purchases Mar 15 2200 21 46200
Mar-31 Ending Inventory 3400 70100
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