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.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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