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Question - The units of Manganese Plus available for sale during the year were as follows:
Mar. 1
Inventory
23 units @ $31
$713
June 6
Purchase
28 units @ $30
840
Nov. 28
37 units @ $37
1,369
88 units
$2,922
There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole doliar.
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.
Confirmation Procedure. A CPA accumulates various types of evidence on which to base the opinion on financial statements.
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