Question - The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 Inventory 25 units @ $29 $725
June 16 Purchase 28 units @ $35 $980
Nov. 28 Purchase 43 units @ $39 $1,677
Total = 96 units Total = $3,382
There are 15 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.