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MM Corporation had 1500 units of Part MO on hand on May 1, costing $21 each. Purchases of Part MO during May are as follows:
MM Corporation had 1500 units of Part MO on hand on May 1, costing $21 each.
Purchases of Part MO during May are as follows:
May 9: 2,000 units @ $22=$44,000
May 17: 3,500 units @ $23=$80,500
May 26: 1,000 units @ $24=$24,000
A physical count on May 31 shows 2100 units of Part MO on hand.
Using the LIFO method, what is the cost of Part MO ending inventory at May 31?
Using the Average Cost Method, what is the cost of Part MO ending inventory at May 31?
Using the FIFO method, what is the cost of Part MO ending inventory at May 31?
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