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. Unit Units Cost April 4 3,000 $ 8.25 10 4,000 8.40 19 1,000 9. 29 2,900 9.90 A physical count at April 30, 2017 showed 4,100 units of Part Ton 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.) FIFO LIFO Average Cost Inventory Cost 2$ $4 $

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter15: Managing Short-term Assets
Section: Chapter Questions
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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 |
|----------------|------|------|--------------|
|                | $    | $    | $            |
Transcribed Image Text: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 | |----------------|------|------|--------------| | | $ | $ | $ |
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