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. $__________
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. $__________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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