The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $32 $640 June 16 Purchase 30 units @ $34 1,020 Nov. 28 Purchase 41 units @ $35 1,435     91 units   $3,095 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 Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference fill in the blank 3

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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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 @ $32 $640
June 16 Purchase 30 units @ $34 1,020
Nov. 28 Purchase 41 units @ $35 1,435
    91 units   $3,095

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 Goods Sold $fill in the blank 1
LIFO Cost of Goods Sold $fill in the blank 2
Difference fill in the blank 3
   
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