The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $30 $600 June 16 Purchase 27 units @ $30 810 Nov. 28 Purchase 46 units @ $36 1,656 93 units $3,066 There are 11 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. $fill in the blank 1 b. Determine the inventory cost by the LIFO method. $fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $30 $600 June 16 Purchase 27 units @ $30 810 Nov. 28 Purchase 46 units @ $36 1,656 93 units $3,066 There are 11 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. $fill in the blank 1 b. Determine the inventory cost by the LIFO method. $fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. $fill in the blank 3
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 20 units | @ $30 | $600 |
| June 16 | Purchase | 27 units | @ $30 | 810 |
| Nov. 28 | Purchase | 46 units | @ $36 | 1,656 |
| 93 units | $3,066 |
There are 11 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.
$fill in the blank 1
b. Determine the inventory cost by the LIFO method.
$fill in the blank 2
c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.
$fill in the blank 3
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