The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory June 16 Purchase 25 units @ $32 $800 33 units @ $35 1,155 Nov. 28 Purchase 43 units @ $36 1,548 101 units $3,503 There are 17 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 LIFO cost of goods sold Difference
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory June 16 Purchase 25 units @ $32 $800 33 units @ $35 1,155 Nov. 28 Purchase 43 units @ $36 1,548 101 units $3,503 There are 17 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 LIFO cost of goods sold Difference
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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