Question
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.
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Essentials Of Federal Taxation 2018
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
9th Edition
9781260007640
