Exercise 8-12 (Part Level Submission) Units Unit Cost (a) INDIGO COMPANY COMPUTA

Question

Exercise 8-12 (Part Level Submission)

Units

Unit Cost

(a)

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

Units

Unit Cost

Total Cost

Exercise 8-12 (Part Level Submission)

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

Units

Unit Cost

January 1, 2017 (beginning inventory) 642 $ 9.00 Purchases:    January 5, 2017 1,284 10.00    January 25, 2017 1,391 11.00    February 16, 2017 856 12.00    March 26, 2017 642 13.00
A physical inventory on March 31, 2017, shows 1,712 units on hand.

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 642 9 5778 642 9 5778 Purchasse 5-Jan 1284 10 12840 1284 10 12840 25-Jan 1391 11 15301 1177 11 12947 214 11 2354 16-Feb 856 12 10272 856 12 10272 26-Mar 642 13 8346 642 13 8346 TOTAL 4815 52537 3103 31565 1712 20972 Ending Inventory under FIFO: $ 20972

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