The units of Manganese Plus available for sale during the year were as follows: ...
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Accounting
The units of Manganese Plus available for sale during the year were as follows:
Mar. 1
Inventory
21 units
@ $30
$630
June 16
Purchase
30 units
@ $34
1,020
Nov. 28
Purchase
38 units
@ $37
1,406
89 units
$3,056
There are 14 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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