Question
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $29 $696 June 16 Purchase
The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 24 units | @ $29 | $696 |
June 16 | Purchase | 30 units | @ $35 | 1,050 |
Nov. 28 | Purchase | 46 units | @ $38 | 1,748 |
100 units | $3,494 |
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. $
The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 21 units | @ $29 | $609 |
June 16 | Purchase | 27 units | @ $34 | 918 |
Nov. 28 | Purchase | 45 units | @ $39 | 1,755 |
93 units | $3,282 |
There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number.
$ |
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