Inventory records for Herb's Chemicals revealed the following:   March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200                       Purchases:             Sales:     Mar. 10 600 gals @ $ 7.25   Mar. 5 400 gals Mar. 16 800 gals @ $ 7.30   Mar. 14 700 gals Mar. 23 600 gals @ $ 7.35   Mar. 20 500 gals               Mar. 26 700 gals   The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Inventory records for Herb's Chemicals revealed the following:
 

March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200
 

                   
Purchases:             Sales:    
Mar. 10 600 gals @ $ 7.25   Mar. 5 400 gals
Mar. 16 800 gals @ $ 7.30   Mar. 14 700 gals
Mar. 23 600 gals @ $ 7.35   Mar. 20 500 gals
              Mar. 26 700 gals
 


The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:

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