Question

Buffalo Company was formed on December 1, 2016. The following Information is available from Buffalo's Inventory records for Product BAR. CALCULA 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. Prepare schedule to compute the ending Inventory at March 31, 2017, under FIFO Inventory method. BUFFALO COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost

Answer 1

12 13 B C D Buffalo Company Computation of Inventory For Product BAP under FIFO Inventory Method March 31, 2017 Units Unit Cost Total cost 6 March 26, 2017 642 $ 13.00 $ 8,346 7 Feb. 16, 2017 856 $ 12.00 $ 10,272 8 January 25, 2017 | 214 $ 11.00 $ 2,354 9 Total 1712 $ 20,972 10 11 Buffalo Company Computation of Inventory For Product BAP under LIFO Inventory Method 14 March 31, 2017 15 Units Unit Cost Total cost 16 January 1, 2017 642 $ 9 $ 5,778 17 January 5, 2017 1070 $ 10 $ 10,700 18 Total 1712 $ 16,478 19 20 Units Unit Cost Total cost 21 January 1, 2017 642 S 9$ 5.778 22 January 5, 2017 1284 $ 10 $ 12,840 23 January 25, 2017 1391 $ 11$ 15,301 24 Feb. 16, 2017 856 $ 12$ 10,272 25 March 26, 2017 642 $ 13$ 8,346 26 4815 5 2537 27 Weighted average-cost per unit $ 10.91 30 Ending inventory at March 31, 2017 $ 18,678

un own 11 12 13 14 B C D Buffalo Company Computation of Inventory For Product BAP under FIFO Inventory Method March 31, 2017 Units Unit Cost Total cost 6 March 26, 2017 642 =+B6*C6 7 Feb. 16, 2017 856 =+B7*C7 8 January 25, 2017 =+B9-B6-B7 =+B8*C8 9 Total 1712 =+D6+D7+D8 10 11 Buffalo Company Computation of Inventory For Product BAP under LIFO Inventory Method March 31, 2017 15 Units Unit Cost Total cost 16 January 1, 2017 642 =+B16*C16 17 January 5, 2017 =+B18-B16 10 =+B17*C17 18 Total 1712 =+D16+D17 19 20 Units Unit Cost Total cost 21 January 1, 2017 642 =+B21*C21 22 January 5, 2017 1284 =+B22*C22 23 January 25, 2017 1391 =+B23*C23 24 Feb. 16, 2017 856 =+B24*C24 25 March 26, 2017 642 =+B25*C25 =SUM(B21:B25) =SUM(D21:D25) Weighted average-cost per unit =+D26/B26 30 Ending inventory at March 31, 2017 =10.91*1712