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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?
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