The units of Product YY2 available for sale during the year were as follows:
Apr 1 Inventory 16 units @ $30
Jun 16 Purchase 30 units @ $33
Sep 28 Purchase 45 units @ $37
There are 17 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.
Click here for the solution: The units of Product YY2 available for sale during the year were as follows
