Question
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $29 $580 June 16 Purchase
The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 20 units | @ $29 | $580 |
| June 16 | Purchase | 28 units | @ $31 | 868 |
| Nov. 28 | Purchase | 37 units | @ $38 | 1,406 |
| 85 units | $2,854 |
There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar.
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 average cost methods. $
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Accounting Ethics
Authors: Iris Stuart
1st Edition
1118542401, 9781118542408
