Question - The units of Manganese Plus available for sale during the year were as follows:
|
Mar. 1
|
Inventory
|
23 units @ $31
|
$713
|
|
June 6
|
Purchase
|
28 units @ $30
|
840
|
|
Nov. 28
|
Purchase
|
37 units @ $37
|
1,369
|
|
|
|
88 units
|
$2,922
|
There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole doliar.
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.