Below is a transcription and explanation of the image's content related to inventory methods, suitable for an educational context:---**Inventory of Manganese Plus**The following table represents the units of Manganese Plus available for sale during the year:| Date | Description | Units | Cost per Unit | Total Cost ||----------|-------------|-------|---------------|------------|| Mar. 1 | Inventory | 20 | $30 | $600 || June 16 | Purchase | 27 | $31 | $837 || Nov. 28 | Purchase | 43 | $38 | $1,634 || **Total**| | **90**| | **$3,071** |There are 15 units of the product in the physical inventory as of November 30. A periodic inventory system is used.**Inventory Cost Calculation Methods:**a. **FIFO Method (First-In, First-Out):** Determine the inventory cost by applying the FIFO method.b. **LIFO Method (Last-In, First-Out):** Determine the inventory cost using the LIFO method.c. **Weighted Average Cost Method:** Calculate the inventory cost using the weighted average cost method. Intermediate calculations and final answers should be rounded to two decimal places.---**Instructions:**For each method, calculate the cost of the ending inventory by considering how costs flow:- **FIFO:** Assume the oldest costs (earliest purchases) are assigned to the cost of goods sold first, leaving the latest costs for the ending inventory. - **LIFO:** Assume the most recent costs are assigned to the cost of goods sold first, leaving the oldest costs for the ending inventory. - **Weighted Average Cost:** Calculate an average cost per unit and apply this cost to the units in the ending inventory.Fill in the blanks in each method’s section with the calculated inventory cost.

FIFO method is first in first out method in which inventory bought first is sold first. LIFO method…

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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