Question
the units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase
the units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 23 units | @ $29 | $667 |
| June 16 | Purchase | 27 units | @ $31 | 837 |
| Nov. 28 | Purchase | 44 units | @ $35 | 1,540 |
| 94 units | $3,044 |
There are 18 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.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
