Cengage Set Up LoginBU Cengage CengageNOWv21 Online teach

Cengage Set Up & Login-BU × ?Cengage CengageNOWv21 Online teach X ?e https://v2.cengagenow.com ilm takeAssignment takeAssignmentMain.do? nvoker-assignments&takeAssignmentsessi; . Ch. 6 Exam The units of Manganese Plus available for sale during the year were as follows Mar. 1Inventory 25 units $32 June 16 Purchase 28 units $32 Nov. 28 Purchase 37 units $39 $800 896 1,443 $3,139 90 units There are 13 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. Previous Next 7:14 PM O Type here to search a la

Solution

Cost of goods sold under FIFO = 3139-(13*39) = $2632

Cost of goods sold under LIFO = 3139-(13*32) = $2723

Difference in gross profit under FIFO and LIFO Costing = 2732-2632 = $91