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

ID: 2549895 • Letter: T

Question

There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used.

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. Round interim calculations and final answer to two decimal places.
$

Mar. 1 Inventory 16 units @ $30 $ 480 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 45 units @ $39 1,755 91 units $3,285

Calculate ending inventory cost :

1) Ending inventory under FIFO = 15*39 = 585

Calculate ending inventory cost

2) Ending inventory under LIFO = 15*30 = 450

Calculate ending inventory cost

3) Ending inventory average cost = (3285/91)*15 = 541.48

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.