Question

In: Accounting

The units of Manganese Plus available for sale during the year were as follows: Mar. 1...

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase 33 units @ $34 1,122 Nov. 28 Purchase 38 units @ $35 1,330 94 units $3,119 There are 16 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.

Solutions

Expert Solution

ekkarill92 answered 10 months ago
Next > < Previous

Related Solutions

The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $32 $736 June 16 Purchase 28 units @ $33 924 Nov. 28 Purchase 43 units @ $35 1,505 94 units $3,165 There are 12 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...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 16 units @ $30 $ 480 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 45 units @ $39 1,755 91 units $3,285 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 16 units @ $30 $ 480 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 45 units @ $39 1,755 91 units $3,285 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 16 units @ $30 $ 480 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 45 units @ $39 1,755 91 units $3,285 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO...
The units of an item available for sale during the year were as follows: January 1...
The units of an item available for sale during the year were as follows: January 1 Inventory 40 Units at $165 $6,600 August 13 Purchase 200 Units at $180 $36,000 November 30 Purchase 60 Units at $200 $12,000   Available for Sale 300 Units $54,600 There are 75 Units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO)...
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $115 Feb. 17 Purchase 88 units at $140 July 21 Purchase 35 units at $128 Nov. 23 Purchase 15 units at $155 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the...
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $124 Mar. 10 Purchase 70 units @ $134 Aug. 30 Purchase 20 units @ $140 Dec. 12 Purchase 70 units @ $142 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one...
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $41 Feb. 17 Purchase 12 units at $42 Jul. 21 Purchase 11 units at $45 Nov. 23 Purchase 8 units at $47 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required. a....
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $15 Feb. 17 Purchase 1,375 units at $16 July 21 Purchase 1,500 units at $17 Nov. 23 Purchase 1,125 units at $18 There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the...
question 23 The units of Product Green-2 available for sale during the year were as follows:...
question 23 The units of Product Green-2 available for sale during the year were as follows: April 1 Inventory 15 units @ $30 June 16 Purchase 29 units @ $33 Sep. 28 Purchase 45 units @ $35 There are 17 units of the product in the physical inventory at September 30. The periodic inventory system is used. Determine the cost of goods sold by (a) FIFO, (b) LIFO, and (c) average cost methods. In your computations, round the average cost...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT