Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO.

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Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO. Assume the periodic system.

Beginning inventory ....... 500 units at $50 per unit

Purchases ...........1,200 units at $48 per unit

Units sold .......... 900 units at $60 per unit


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