Inventory information for part 311 of monique aaron corp. discloses the following information for the month of june. june 1 balance 300 units @ $10 june 10 sold 200 units @ $24 11 purchased 800 units @ $12 15 sold 500 units @ $25 20 purchased 500 units @ $13 27 sold 300 units @ $27 why is it stated that lifo usually produces a lower gross profit than fifo?

Doogan corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 2.0 grams $ 7.00 per gram direct labor 1.6 hours $ 12.00 per hour variable overhead 1.6 hours $ 6.00 per hour the company produced 5,000 units in january using 10,340 grams of direct material and 2,320 direct labor-hours. during the month, the company purchased 10,910 grams of the direct material at $7.30 per gram. the actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour. the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased. the materials quantity variance for january is: