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fifo and lifo methods The units of Manganese...

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Accounting

fifo and lifo methods

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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $31 $620 June 16 Purchase 31 units @ $35 1,085 Nov. 28 Purchase 40 units @ $35 1,400 91 units $3,105 There are 17 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 weighted average cost methods. Round intermediate calculations and final answer to two decimal places

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