Mar. 1 The units of Manganese Plus available for sale during the year were as follows: Inventory 20 units $32 $640 June 16 Purchase 29 units $30 870 Nov. 28 Purchase 42 units $37 1,554 91 units $3,064 There are 11 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number FIFO cost of merchandise sold LIFO cost of merchandise Sold Difference Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 22 units $23 5 Sale 13 units 17 Purchase 25 units $26 30 Sale 24 units Assuming a perpetual inventory system and the first in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30 a. Cost of merchandise sold b. Inventory, September 30 Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase 1 $37 10 Purchase 1 40 24 Purchase 1 43 Total 3 $120 Average cost per unit $40 Assume one unit sells on July 28 for $56. Determine the gross profit, cost of merchandise sold, and ending Inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods Gross Profit Cost of Merchandise Sold Ending Inventory a. First-In, first-out b. Lastin, first-out c. Weighted average cost eginning inventory, purchases, and saies data for tennis rackets are as follows: prit 3 Inventory 19 units $12 11 Purchase 13 units $15 14 Sale 18 units 21 Purchase 14 units $16 25 Sale 16 units complete the subsidiary inventory ledger assuming the business maintains a perpetual Inventory system and computes the cost of merchandise sold and ending inventory sing LIFO Cost of Purchases Merchandise Sold Inventory Unit Cost Total Cost Unit Cost Qty. pote Qty. Total Cost Qty. Unit Cost ril 11 14 21 III 25 Il Total cost of merchandise sold Ending Inventory value