The units of Product YY2 available for sale during the year were as follows:
$\begin{array}{lllll}
\$ 30 \text { each } & \text { at } & 16 \text { units } & \text { Inventory } & \text { Apr 1 } \
\$ 33 \text { each } & \text { at } & 30 \text { units } & \text { Purchase } & \text { Jun 16 } \
\$ 37 \text { each } & \text { at } & 45 \text { units } & \text { Purchase } & \text { Sep 28 }
\end{array}$ There are 15 units of the product in the physical inventory at March 31. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems.

Question

The units of Product YY2 available for sale during the year were as follows:
 $\begin{array}{lllll}
\$ 30 \text { each } & \text { at } & 16 \text { units } & \text { Inventory } & \text { Apr 1 } \
\$ 33 \text { each } & \text { at } & 30 \text { units } & \text { Purchase } & \text { Jun 16 } \
\$ 37 \text { each } & \text { at } & 45 \text { units } & \text { Purchase } & \text { Sep 28 }
\end{array}$  There are 15 units of the product in the physical inventory at March 31. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems.

Quizplus · Accepted Answer

The Answer of The units of Product YY2 available for sale during the year were as follows:
 $\begin{array}{lllll}
\$ 30 \text { each } & \text { at } & 16 \text { units } & \text { Inventory } & \text { Apr 1 } \
\$ 33 \text { each } & \text { at } & 30 \text { units } & \text { Purchase } & \text { Jun 16 } \
\$ 37 \text { each } & \text { at } & 45 \text { units } & \text { Purchase } & \text { Sep 28 }
\end{array}$  There are 15 units of the product in the physical inventory at March 31. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems.

The Units of Product YY2 Available for Sale During the Year