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What is the inventory cost of part at May

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Question - Howe Corp. had 1,500 units on hand of part 54169 on May 1, 2020, with a cost of $30 per unit. Howe uses a periodic inventory system. Purchases of part 54169 during May were as follows:

 

Units

Unit Cost

May 9

2,000

$31

May 17

3,500

32

May 26

1,000

33

A physical count on May 31, 2020, shows 2,000 units of part 54169 on hand.

Required - Using the FIFO method, what is the inventory cost of part 54169 at May 31, 2020? Using the weighted average cost formula, what is the inventory cost?

Reference no: EM132473365

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