Question - Zimmerman Corp. had 1,500 units of part M.O. on hand May 1, 2014, costing $21 each. Purchases of part M.O. during May were as follows.
|
Units
|
Units cost
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|
May 9
|
2,000
|
$22
|
|
May 17
|
3,500
|
23
|
|
May 26
|
1,000
|
24
|
A physical count on May 31, 2014, shows 2,000 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2014? Using the LIFO method, what is the inventory cost? Using the average cost method, what is the inventory cost?