Question
Tamarisk Corp. had 1,940 units of part M.O. on hand May 1, 2020, costing $30 each. Purchases of part M.O. during May were as follows.
Tamarisk Corp. had 1,940 units of part M.O. on hand May 1, 2020, costing $30 each. Purchases of part M.O. during May were as follows.
| Units | Units Cost | |||
|---|---|---|---|---|
| May 9 | 2,440 | $32 | ||
| 17 | 3,940 | 33 | ||
| 26 | 1,440 | 35 |
A physical count on May 31, 2020, shows 2,440 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost?
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Debra Good
14th Canadian Edition
0135222419, 978-0135222416
