Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $32 $736 June 16 Purchase

The units of Manganese Plus available for sale during the year were as follows:

Mar. 1 Inventory 23 units @ $32 $736
June 16 Purchase 33 units @ $34 1,122
Nov. 28 Purchase 46 units @ $35 1,610
102 units $3,468

There are 13 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

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Smart

Authors: K. H. Spencer Pickett

1st Edition

ISBN: 0470682582, 978-0470682586

More Books

Students also viewed these Accounting questions