Question
Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of part
Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of part T.
| Units | Unit Cost | |||||
|---|---|---|---|---|---|---|
| April | 4 | 2,900 | $8.25 | |||
| 10 | 5,000 | 8.40 | ||||
| 19 | 1,200 | 9.00 | ||||
| 29 | 2,800 | 9.90 |
A physical count at April 30, 2017 showed 4,300 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost?
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Audit And Accounting Guide Employee Benefit Plans
Authors: American Institute Of Certified Public Accountants
1st Edition
