The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 46 units @ $39 1,794 100 units $3,564 There are 16 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 32 units @ $34 1,088 Nov. 28
Purchase 46 units @ $39 1,794 100 units
$3,564 There are 16 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. $fill in the blank 1 b. Determine the
inventory cost by the LIFO method. $fill in the
blank 2
Transcribed Image Text:The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 46 units @ $39 1,794 100 units $3,564 There are 16 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. $fill in the blank 1 b. Determine the inventory cost by the LIFO method. $fill in the blank 2
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