Question
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $30 $630 June 16 Purchase
The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 21 units | @ $30 | $630 |
| June 16 | Purchase | 30 units | @ $34 | 1,020 |
| Nov. 28 | Purchase | 38 units | @ $37 | 1,406 |
| 89 units | $3,056 |
There are 14 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.
| $ |
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Management Accounting
Authors: Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen
6th Edition
0077185536, 978-0077185534
