Question
Monty Corp. had 1,900 units of part T on hand April 1, 2017, costing $ 8 each. During April, Monty made the following purchases of
Monty Corp. had 1,900 units of part T on hand April 1, 2017, costing $ 8 each. During April, Monty made the following purchases of part T.
| Units | Unit Cost | |||||
|---|---|---|---|---|---|---|
| April | 4 | 2,500 | $ 8.25 | |||
| 10 | 4,500 | 8.40 | ||||
| 19 | 1,200 | 9 | ||||
| 29 | 2,700 | 9.90 |
A physical count at April 30, 2017 showed 4,000 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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Ebook Principles Of Financial Accounting
Authors: John Wild, Ken Shaw, Barbara Chiappetta
2nd Edition
0077166183, 9780077166182
