Question

The units of Manganese Plus available for sale during the year were as follows:

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.

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