Question

Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO 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.) FIFO LIFO Average Cost Inventory Cost Teal Company adopted the dollar-value LIFO methad on January 1, 2017 (using internal price indexes and multiple pools). The following data are avalable for inventory pool A for the 2 years following adoption of LIFO At Base- Year At Current-Year Cost Cost $201,600 248,900 255,500 $201,600 273,790 291,270 12/31/17 12/31/18B Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018? December 31, 2018 Price Index Dollar-value LIFO Inventory Flint Ine., a retail store chain, had the following information in its general ledger for the year 2018 Merchandise purchased for resale Interest on notes payable to vendors Purchase returns Freight-in Freight-out (celivery expense) Cash discounts on purchases $898,098 7,836 14,980 21,560 18,084 7,333 What is Flint's inventoriable cost for 2018? Flint's Inventoriable cost for 2018

Answer 1

Cost of good available for sale
Date	Unit	Coat	Total
1-may	1700	25	42500
9-may	2200	26	57200
17-may	3700	28	103600
26-may	1200	29	34800
Total	8800		238100

FIFO METHOD
Ending inventory	Layer based on FIFO	Cost per unit	Ending inventory FIFO cost
2200	1200	29	34800
	1000	28	28000
Total			62800

LIFO METHOD
Ending inventory	Layer based on LIFO	Cost per unit	Ending inventory LIFO cost
2200	1700	25	42500
	500	26	13000
Total			55500

Average cost
Ending inventory	Cost per unit	Ending inventory average cost
2200	27.06	59532
Average cost	Total cost/total unit	238100/8800	27.06

	FIFO	LIFO	Average cost
Inventory cost	62800	55500	59532

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