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Question - The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 Inventory 24 units at $32 $768
June 16 Purchase 31 units at $35 1,085
Nov. 28 Purchase 41 units at $39 1,599
96 units $3,452
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.
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 methods.
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