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

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Accounting

Crane Company was formed on December 1, 2019. The following information is available from Crane's inventory record for Product X.

Units Unit Cost
January 1, 2020 (beginning inventory) 2,200 $19
Purchases:
January 5, 2020 2,700 $21
January 25, 2020 2,400 $22
February 16, 2020 1,300 $23
March 15, 2020 2,600 $24

A physical inventory on March 31, 2020, shows 3,000 units on hand.

(a)

Prepare schedules to compute the ending inventory at March 31, 2020, under FIFO method.

Crane 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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