The units of Manganese Plus available for sale during the year were as follows:   Mar. 1 Inventory 20 units at $30 $600 June 16 Purchase 28 units at $35 980 Nov. 28 Purchase 45 units at $38 1,710 ______________________________________________________ 93 units $3,290   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.   $__________

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The units of Manganese Plus available for sale during the year were as follows:

 

Mar. 1 Inventory 20 units at $30 $600

June 16 Purchase 28 units at $35 980

Nov. 28 Purchase 45 units at $38 1,710

______________________________________________________

93 units $3,290

 

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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