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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
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.
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