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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase
The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 22 units | @ $31 | $682 |
June 16 | Purchase | 31 units | @ $34 | 1,054 |
Nov. 28 | Purchase | 41 units | @ $39 | 1,599 |
94 units | $3,335 |
There are 14 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: @ $31 $682 Mar. 1 June 16 Nov. 28 Inventory Purchase Purchase 1,054 22 units 31 units 41 units 94 units @ $34 @ $39 1,599 $3,335 There are 14 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. $Step by Step Solution
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