The units of Manganese Plus available for sale during the year were as follows:

Question

The units of Manganese Plus available for sale during the year were as follows:

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.
$

Mar. 1 Inventory 22 units @ $29 $638 June 16 Purchase 29 units @ $30 870 Nov. 28 Purchase 38 units @ $39 1,482 89 units $2,990

Explanation / Answer

a. inventory cost (FIFO) 18 units *$39 702 Answer b. inventory cost (LIFO) 18 units *29 522 Answer c. inventory cost average cost 2990/89*18 605 answer

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