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.

Periodic Inventory System

An accounting method where inventory levels and cost of goods sold are determined at set intervals, typically at the end of an accounting period.

FIFO

First-In, First-Out, a method used in inventory management where the first items placed in inventory are the first to be used or sold.

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the average cost of all goods available for sale during the period.