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Determine the inventory cost by the average cost method

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

Mar. 1

Inventory

22 units

@ $29

$638

June 16

Purchase

31 units

@ $31

961

Nov. 28

Purchase

41 units

@ $37

1,517

 

 

94 units

 

$3,116

There are 11 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar.

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 average cost method.

Reference no: EM132280493

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