The units of Manganese Plus available for sale during the year were as follows:
There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO, and (c) average cost methods.
Definitions:
Gain
A financial gain occurs when the selling price of an asset exceeds its purchase price, resulting in a positive difference.
Indirect Method
The indirect method is a way of calculating cash flow from operating activities for the cash flow statement by adjusting net income for changes in non-cash accounts.
Operating Activities
The day-to-day actions that are involved in running a business, such as selling products, managing costs, and paying employees.
Depreciation Expense
The allocation of the cost of a tangible asset over its expected useful life to account for the loss of value over time.
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