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Question
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. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems.
Answer
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