The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units $30 $630 June 16 Purchase 33 units $33 1,089 Nov. 28 Purchase 37 units $39 1,443 91 units $3,162 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 by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units $30 $630 June 16 Purchase 33 units $33 1,089 Nov. 28 Purchase 37 units $39 1,443 91 units $3,162 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 by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.

Name: The units of Manganese Plus available for sale during the year were a
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Description: The units of Manganese Plus available for sale during the year were as follows:Mar. 1Inventory 21 units@ $30$630June 16 Purchase33 units@ $331,089Nov. 28Purchase37 units@ $391,44391 units$3,162There are 13 units of the product in the physical invent

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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