The accountant at Elvira Company is figuring out the difference in net income depending on the choice of either FIFO or LIFO as an inventory costing method. The FIFO method will result in gross profit of $8,290. The LIFO method will result in gross profit of $26,000 and an inventory valuation that is $275 less than the FIFO inventory valuation. What is the difference in gross profit between the two methods?

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The Answer of The accountant at Elvira Company is figuring out the difference in net income depending on the choice of either FIFO or LIFO as an inventory costing method. The FIFO method will result in gross profit of $8,290. The LIFO method will result in gross profit of $26,000 and an inventory valuation that is $275 less than the FIFO inventory valuation. What is the difference in gross profit between the two methods?

The Accountant at Elvira Company Is Figuring Out the Difference