14. Inventory records for Epstein's Chemicals revealed the following:March 1, 2022, inventory: 1,000 gallons @ P7.20 =P7,200PurchasesMar. 10 - 600 gals @ P7.25Mar. 16- 800 gals @ P7.30Mar. 23 - 600 gals @ P7.35SalesMar. 5 - 400 galsMar. 14- 700 galsMar. 20- 500 galsMar. 26- 700 galsEnding inventory assuming FIFO in a perpetual inventory system would be:4,9605,0605,0805,140

Solution: Total units in ending inventory = total units available - units sold = 1000 + 600 + 800 +…

Answered: Inventory records for Epstein's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Mar. 10 - 600 gals @ P7.25 Mar. 16 - 800 gals @ P7.30 Mar. 23 - 600 gals @ P7.35 Sales Mar. 5 - 400 gals Mar. 14- 700 gals Mar. 20- 500 gals Mar. 26- 700 gals