The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory June 16 Purchase Nov. 28 25 units 33 units @ $31 $775 @ $33 1,089 Purchase 37 units @ $35 1,295 95 units $3,159 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. 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.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory June 16 Purchase Nov. 28 25 units 33 units @ $31 $775 @ $33 1,089 Purchase 37 units @ $35 1,295 95 units $3,159 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. 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.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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