Gross profit between LIFO and FIFO inventory cost systems

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Reference no: EM131258151

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $30 $630 June 16 Purchase 31 units @ $33 1,023 Nov. 28 Purchase 43 units @ $37 1,591 95 units $3,244 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. $

Reference no: EM131258151

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Gross profit between LIFO and FIFO inventory cost systems : The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $30 $630 June 16 Purchase 31 units @ $33 1,023 Nov. 28 Purchase 43 units @ $37 1,591 95 units $3,244 There are 17 units of the product in the ..

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