The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 30 units @ $32 960 Nov. 28 Purchase 44 units @ $39 1,716 97 units $3,389 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.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 30 units @ $32 960 Nov. 28 Purchase 44 units @ $39 1,716 97 units $3,389 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.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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The units of Manganese Plus available for sale during the year were as follows:
Mar. 1 | Inventory | 23 units | @ $31 | $713 |
June 16 | Purchase | 30 units | @ $32 | 960 |
Nov. 28 | Purchase | 44 units | @ $39 | 1,716 |
97 units | $3,389 |
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.
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