Flounder Corp. had 2,000 units of part T on hand April 1, 2017, costing $8 each. During April, Flounder made the following purchases of part T.| Units | Unit Cost ||-------|-----------|| April 4 | 3,000 | $8.25 || April 10 | 4,000 | $8.40 || April 19 | 1,000 | $9.00 || April 29 | 2,900 | $9.90 |A physical count at April 30, 2017, showed 4,100 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? (Round average cost per unit to 2 decimal places, e.g., 15.25 and final answers to 0 decimal places, e.g., 1,620.)| Inventory Cost | FIFO | LIFO | Average Cost ||----------------|------|------|--------------|| | $ | $ | $ |

Date Units Unit cost Total April 1 2000 $8 $16000 4 3000 8.25 24750 10 4000 8.40 33600 19…

Answered: Flounder Corp. had 2,000 units of part…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter15: Managing Short-term Assets

Section: Chapter Questions

Problem 19PROB

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