Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each....
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?
Homework Answers
| 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
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