Question
Bridgeport Corp. had 2,200 units of part T on hand on April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of
Bridgeport Corp. had 2,200 units of part T on hand on April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of part T.
| Units | Unit Cost | |||||
|---|---|---|---|---|---|---|
| April | 4 | 2,500 | $8.25 | |||
| 10 | 4,100 | 8.40 | ||||
| 19 | 1,100 | 9.00 | ||||
| 29 | 2,500 | 9.90 |
A physical count on April 30, 2017, showed 3,800 units of Part T on hand.
Using the FIFO method, what is the cost of part T inventory on April 30, 2017? Using the LIFO method, what does the inventory cost? Using the average-cost method, What does the inventory cost?
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Financial Accounting: A Business Process Approach
Authors: Jane L. Reimers
3rd edition
978-013611539, 136115276, 013611539X, 978-0136115274
