Given the following information, calculate the amount by which gross profit would differ between…

Analyze effect of cost flow method on gross profit. (LO 3, 4)

Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO.

Beginning inventory

1,500 units at $55 per unit

Purchase

2,750 units at $58 per unit

Units sold

2,250 units at $99 per unit