Asked by Peyton Tippens on Jul 19, 2024
Verified
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.
Periodic Inventory System
An inventory accounting system where updates to inventory accounts occur at specific intervals, typically at the end of an accounting period.
LIFO
An inventory valuation method where the last items added to inventory are considered the first ones sold during a period of time; stands for Last-In, First-Out.
FIFO
An accounting method for inventory valuation where the first items acquired are the first ones sold, standing for First In, First Out.
- Compute the cost of goods sold, gross profit, and final inventory using various cost flow methodologies.
Verified Answer
Learning Objectives
- Compute the cost of goods sold, gross profit, and final inventory using various cost flow methodologies.
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