Acc 422Exercise 8-12 (Part Level Submission)Flounder Company was formed on December 1, 2016. The following information is available from Flounder’s inventory records for Product BAP.UnitsUnit CostJanuary 1, 2017 (beginning inventory)648$ 7.00Purchases: January 5, 20171,2968.00 January 25, 20171,4049.00 February 16, 201786410.00 March 26, 201764811.00A physical inventory on March 31, 2017, shows 1,728 units on hand.Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.Please help and show how you get the answer
Flounder’s inventory records
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