Question
MontyCorp. had1,900units of part T on hand April 1, 2017, costing $8each. During April,Montymade the following purchases of part T. April 4 2500 units at
MontyCorp. had1,900units of part T on hand April 1, 2017, costing $8each. During April,Montymade the following purchases of part T.
April 4 2500 units at 8.25 per unit
April 10 4500 units at $8.40 per unit
April 19 1200 units at $9.00 per unit
April 29 2700 units at $9.90 per unit
A physical count at April 30, 2017 showed4,000units 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?
I came up with
FIFO inventory cost $$9.61 per unit (not sure if I am answering correctly)
LIFO inventory the inventory is $38,370
Average- cost method $8.90 per unit multiplied by 4000 units = $35,600
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