The Units of Product YY2 Available for Sale During the Year

question 42

Essay

The units of Product YY2 available for sale during the year were as follows: $\begin{array}{lllll}\text { Apr 1 } & \text { Inventory } & 16 \text { units } & \text { at } & \$ 30 \text { each } \\\text { Jun 16 } & \text { Purchase } & 30 \text { units } & \text { at } & \$ 33 \text { each } \\\text { Sep 28 } & \text { Purchase } & 45 \text { units } & \text { at } & \$ 37 \text { each }\end{array}$ ?
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.

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Definitions:

Preprinted

Materials or documents that have been printed in advance with standardized or generic information before any specific, customizable information is added.

Traveler's

Pertaining to, designed for, or used by people who are traveling, as in "traveler's checks" or "traveler's insurance".

Counter Check

a temporary bank check that allows the holder to draw funds from an individual account.

Withdraw Money

involves removing cash from a bank account, either through an ATM, bank teller, or other banking procedures.