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Determine the inventory cost by the LIFO method

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

Mar. 1 Inventory 20 units@ $32 $640

June 16 Purchase 32 units @ $331,056

Nov. 28 Purchase46 units@ $351,610 98 units $3,306

There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used.

Required -

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 weighted average cost methods.

Reference no: EM132686954

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