The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $30 $600 June 16 Purchase 27 units @ $30 810 Nov. 28 Purchase 46 units @ $36 1,656 93 units $3,066 There are 11 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. $fill in the blank 1 b. Determine the inventory cost by the LIFO method. $fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $30 $600 June 16 Purchase 27 units @ $30 810 Nov. 28 Purchase 46 units @ $36 1,656 93 units $3,066 There are 11 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. $fill in the blank 1 b. Determine the inventory cost by the LIFO method. $fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
Related questions
Question
The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 20 units | @ $30 | $600 |
| June 16 | Purchase | 27 units | @ $30 | 810 |
| Nov. 28 | Purchase | 46 units | @ $36 | 1,656 |
| 93 units | $3,066 |
There are 11 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.
$fill in the blank 1
b. Determine the inventory cost by the LIFO method.
$fill in the blank 2
c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.
$fill in the blank 3
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,