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
20 units
@ $29
$580
June 16
Purchase
33 units
@ $35
1,155
Nov. 28
Purchase
37 units
@ $35
1,295
90 units
$3,030
There are 15 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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