The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $32 864 Nov. 28 Purchase 38 units @ $35 1,330 90 units $2,919 There are 14 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. Sfill in the blank 1 b. Determine the inventory cost by the LIFO method. Sfill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $32 864 Nov. 28 Purchase 38 units @ $35 1,330 90 units $2,919 There are 14 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. Sfill in the blank 1 b. Determine the inventory cost by the LIFO method. Sfill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
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 25 units @ $29 $725
June 16 Purchase 27 units @ $32 864
Nov. 28 Purchase 38 units @ $35 1,330
90 units $2,919
There are 14 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
c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
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