Given the following? information, calculate the amount by which net income would differ between FIFO...
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Given the following? information, calculate the amount by which net income would differ between FIFO and? LIFO: Assume the periodic system.
Beginning inventory 3 ,000 units at $ 98 per unit
Purchases 8,100 units at $ 132 per unit
Units sold 5,800 units at $ 226 per unit
Calculate the cost of goods sold using the FIFO periodic cost flow assumption. FIFO Units x Cost per Unit = Total Cost Units from beginning inventory x = Units from purchase x = Cost of Goods Sold - FIFO method Calculate the cost of goods sold using the LIFO periodic cost flow assumption. ?(Enter 0's for any layers where there were no units? sold.) LIFO Units x Cost per Unit = Total Cost Units from purchase x = Units from beginning inventory x = Cost of Goods Sold - LIFO method
Net income would differ between FIFO and LIFO by ?$ ____.
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