Question

b) The physical count included $29,000 of goods billed to SakicCorp. f.o.b.shipping point on December 31,2008. The carrier pickedup these goods on January 3,2009. What amount should Francis reportas inventory on its balance sheet? 3). Mark Messier Corp. had 1,500units of part M.O. on hand May 1,2008, costing $21 each. Purchasesof part M.O. during May were as follows:May 9 units 2,000 , Unitcost $22, May 17 Units 3,500 Unit cost 23, May 26 1,000 units ,unit cost 24. A Physical count on May 31,2008, shows 2,100 units ofpart M.O. on hand. Using the FIFO method, what is the cost of partM.O. inventory at May 31,2008? Using the LIFO method, what is theinventory cost? Using the average cost method, what is theinventory cost?