he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 33 units @ $30 990 Nov. 28 Purchase 44 units @ $36 1,584 100 units $3,287 There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$_____________ b. Determine the inventory cost by the LIFO method.$____________ c. Determine the inventory cost by the average cost methods.$____________
he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 33 units @ $30 990 Nov. 28 Purchase 44 units @ $36 1,584 100 units $3,287 There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$_____________ 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 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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he units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 23 units | @ $31 | $713 |
June 16 | Purchase | 33 units | @ $30 | 990 |
Nov. 28 | Purchase | 44 units | @ $36 | 1,584 |
100 units | $3,287 |
There are 18 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.
$____________
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