Hillsborough Corp. had 1,500 units on hand of part 54169 on May 1, 2017, with...
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Hillsborough Corp. had 1,500 units on hand of part 54169 on May 1, 2017, with a cost of $21 per unit. Howe uses a periodic inventory system. Purchases of part 54169 during May were as follows:
A physical count on May 31, 2017, shows 2,000 units of part 54169 on hand. Using the FIFO method, what is the inventory cost of part 54169 at May 31, 2017? Using the weighted average cost formula, what is the inventory cost?
Units Unit Cost May 9 2,000 17 3,500 26 1,000 $22 23 24
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