he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 33 units @ $30 990 Nov. 28 Purchase 44 units @ $36 1,584 100 units $3,287 There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$_____________ b. Determine the inventory cost by the LIFO method.$____________ c. Determine the inventory cost by the average cost methods.$____________
he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 33 units @ $30 990 Nov. 28 Purchase 44 units @ $36 1,584 100 units $3,287 There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$_____________ b. Determine the inventory cost by the LIFO method.$____________ c. Determine the inventory cost by the average cost methods.$____________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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he units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 23 units | @ $31 | $713 |
June 16 | Purchase | 33 units | @ $30 | 990 |
Nov. 28 | Purchase | 44 units | @ $36 | 1,584 |
100 units | $3,287 |
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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