Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase
he units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 23 units | @ $29 | $667 |
June 16 | Purchase | 32 units | @ $30 | 960 |
Nov. 28 | Purchase | 45 units | @ $35 | 1,575 |
100 units | $3,202 |
There are 16 units of the product in the physical inventory at November 30. The periodic inventory system is used.
a. Determine the inventory cost by the FIFO method.
b. Determine the inventory cost by the LIFO method.
c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started