The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 28 units @ $35 980 Nov. 28 Purchase 37 units @ $36 88 units 1,332 $3,025 Σ 13. 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 using the FIFO method. b. Determine the inventory cost using the LIFO method. + c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 28 units @ $35 980 Nov. 28 Purchase 37 units @ $36 88 units 1,332 $3,025 Σ 13. 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 using the FIFO method. b. Determine the inventory cost using the LIFO method. + c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The units of Manganese Plus available for sale during the year were as follows:
Mar. 1
Inventory
23 units @ $31
$713
June 16 Purchase
28 units @ $35
980
Nov. 28 Purchase
37 units @ $36
88 units
1,332
$3,025
Σ
13.
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 using the FIFO method.
b. Determine the inventory cost using the LIFO method.
+
c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal
places.
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