Question
The units of Manganese Plus available for sale during the year were as follows: Mar 1 Inventory 24 units $29 June 16 Purchase 29 units
The units of Manganese Plus available for sale during the year were as follows:
Mar 1 Inventory 24 units $29
June 16 Purchase 29 units $34
Nov 28 Purchase 43 units $37
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.
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Financial Accounting International Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
6th Edition
978-0470623275
