Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of part T.
Units | Unit Cost |
|||||
---|---|---|---|---|---|---|
April | 4 | 2,900 | $8.25 | |||
10 | 5,000 | 8.40 | ||||
19 | 1,200 | 9.00 | ||||
29 | 2,800 | 9.90 |
A physical count at April 30, 2017 showed 4,300 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?
Unit | Unit Cost | Total Cost | |
Beginning inventory | 1800 | 8 | 14400 |
April 4 | 2900 | 8.25 | 23925 |
April 10 | 5000 | 8.40 | 42000 |
April 19 | 1200 | 9 | 10800 |
April 29 | 2800 | 9.90 | 27720 |
Total | 13700 | 118845 | |
Calculate Ending inventory :
FIFO = 27720+10800+(300*8.4) = 41040
LIFO = 14400+(2500*8.25) = 35025
Average cost = 118845/13700*4300 = $37302
Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each....
Your answer is incorrect.
Concord Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Concord made the following purchases
of part T.
Units
Unit
Cost
April
4
2,700
$8.25
10
4,800
8.40
19
1,200
9
29
3,000
9.90
A physical count at April 30, 2017 showed 4,300 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...
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Units
Units Cost
May 9
2,500
$33
17
4,000
35
26
1,500
36
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hand. Using the FIFO method, what is the cost of part M.O.
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Units
Units Cost
May 9
2,200
$26
17
3,700
28
26
1,200
29
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