The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @ $32 June 16 29 units @ $33 Nov. 28 41 units @ $37 90 units Inventory Purchase Purchase $640 957 1,517 $3,114 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 00

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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The units of Manganese Plus available for sale during the year were as follows:
Mar. 1
20 units @ $32
$640
June 16
29 units @ $33
957
Nov. 28
41 units @ $37
90 units
Inventory
Purchase
Purchase
Difference
1,517
$3,114
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
LA
Transcribed Image Text:The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @ $32 $640 June 16 29 units @ $33 957 Nov. 28 41 units @ $37 90 units Inventory Purchase Purchase Difference 1,517 $3,114 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 LA
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