The units of Manganese Plus available for sale during the year were as follows: Mar. 1 June 16 Nov. 28 Inventory Purchase Purchase 20 units @ $30 27 units@ $31 43 units @ $38 90 units = $600 837 1,634 $3,071 There are 15 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 June 16 Nov. 28 Inventory Purchase Purchase 20 units @ $30 27 units@ $31 43 units @ $38 90 units = $600 837 1,634 $3,071 There are 15 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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