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: Mar. 1 Inventory 21 units$31 $651 June 16 Purchase 33 units$32 June 16 Purchase 33 units $3.2 Nov. 28 Purchase 44 units $39 1,716 98 units $3,423 There are 12 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.

Explanation / Answer

Inventory cost is as calculated below:

Date Explanation Units Unit Cost Cost Mar-01 Opening Inventory 21 31.00 651 Jun-16 Purchased Inventory 33 32.00 1,056 Nov-28 Purchased Inventory 44 39.00 1,716 Cost of goods available for sale (a) 98 35 3,423 FIFO Ending Inventory 12 39 468 LIFO Ending Inventory 12 31 372 Weighted Average Ending Inventory 12 35 419

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