The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 39 units @ $35 1,365 93 units $3,135 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems Enter the answer as a positive number. FIFO Cost of Goods Sold 24 LIFO Cost of Goods Sold 2$ Difference %24
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 39 units @ $35 1,365 93 units $3,135 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems Enter the answer as a positive number. FIFO Cost of Goods Sold 24 LIFO Cost of Goods Sold 2$ Difference %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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