The Units of Manganese Plus Available for Sale During the Year

question 152

Essay

The units of Manganese Plus available for sale during the year were as follows:? $$\begin{array} { l c l l l l } \text { Mar. } & 1 & \text { Inventory } & 16 \text { units } & @ \$ 30 & \$ 480 \\\text { June } & 16 & \text { Purchase } & 30 \text { units } & @ \$ 35 & 1,050 \\\text { Nov. } & 28 & \text { Purchase } & \underline { 45 } \text { units } & @ \$ 39 & \underline { 1,755 } \\& & & \underline { { \mathbf { 9 1 } } \text { units } } & & \underline { \mathbf { \$ 3 , 2 8 5 } }\end{array}$$ 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.

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Definitions:

OEMs

Original Equipment Manufacturers; companies that produce parts and equipment that may be marketed by another manufacturer.

Aftermarket Diesel Fuel Conditioners

Products added to diesel fuel to improve engine performance, fuel efficiency, and reduce emissions.

OOS Criteria

Stands for Out Of Service Criteria, which are regulations determining when a vehicle or component is considered unsafe and must be removed from service.

CVSA

The Commercial Vehicle Safety Alliance (CVSA) is an organization that promotes commercial vehicle safety and security by setting inspection standards and practices.