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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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