Question
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $30 $720 June 16 Purchase
The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 24 units | @ $30 | $720 |
| June 16 | Purchase | 29 units | @ $34 | 986 |
| Nov. 28 | Purchase | 43 units | @ $38 | 1,634 |
| 96 units | $3,340 |
There are 13 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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Commercial Energy Auditing Reference Handbook
Authors: Steve Doty
3rd Edition
1498769268, 978-1498769266
