Oriole Company was formed on December 1, 2019. The following information is available from Oriole's inventory record for
Product X
Units
Unit
Cost
January 1, 2020 (beginning inventory)
Purchases:
2,000
$15
January 5, 2020
2,500
$17
January 25, 2020
2,200
$18
February 16, 2020
1,100
$19
March 15, 2020
2,200
$20
A physical inventory on March 31, 2020, shows 3,300 units on hand.
(a)
Prepare schedules to compute the ending inventory at March 31, 2020, under FIFO method.
Orlole 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
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