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Novak Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each. During April, Novak made the following purchases of part
Novak Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each. During April, Novak made the following purchases of part T.
Units | Unit Cost | |||||
---|---|---|---|---|---|---|
April | 4 | 2,700 | $8.25 | |||
10 | 4,900 | 8.40 | ||||
19 | 1,100 | 9 | ||||
29 | 2,500 | 9.90 |
A physical count at April 30, 2017 showed 3,700 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? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)
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