The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $29 $696 June 16 Purchase 31 units @ $35 1,085 Nov. 28 Purchase 45 units @ $37 1,665 100 units $3,446 There are 17 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. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference $fill in the blank 3
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $29 $696 June 16 Purchase 31 units @ $35 1,085 Nov. 28 Purchase 45 units @ $37 1,665 100 units $3,446 There are 17 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. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference $fill in the blank 3
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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The units of Manganese Plus available for sale during the year were as follows:
| Mar. 1 | Inventory | 24 units | @ $29 | $696 |
| June 16 | Purchase | 31 units | @ $35 | 1,085 |
| Nov. 28 | Purchase | 45 units | @ $37 | 1,665 |
| 100 units | $3,446 |
There are 17 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.
| FIFO Cost of Goods Sold | $fill in the blank 1 |
| LIFO Cost of Goods Sold | $fill in the blank 2 |
| Difference | $fill in the blank 3 |
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