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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.
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