Solved: Using the fifo method what is the cost of part mo inventory, Accounting Basics

Using the fifo method what is the cost of part mo inventory

Question - Oriole Corp. had 1,620 units of part M.O. on hand May 1, 2017, costing $24 each. Purchases of part M.O. during May were as follows.

Units Units Cost

May 9 2,120 $25

17 3,620 26

26 1,120 27

A physical count on May 31, 2017, shows 2,120 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost?

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Accounting Basics: Using the fifo method what is the cost of part mo inventory

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Accounting Basics: Using the fifo method what is the cost of part mo inventory

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