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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1100 gallons @ $7.4 per gallon = $8,140 Purchases: Mar. 10 Mar. 16 Mar. 23 620 gals @ $7.45 820 gals @ $7.50 620 gals@ $7.55 Sales: Mar. S Mar. 14 Mar. 20 Mar, 26 420 gals 720 gals 520 gals 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1100 gallons @ $7.4 per gallon = $8,140 Purchases: Mar. 10 Mar. 16 Mar. 23 620 gals @ $7.45 820 gals @ $7.50 620 gals@ $7.55 Sales: Mar. S Mar. 14 Mar. 20 Mar, 26 420 gals 720 gals 520 gals 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1100 gallons @ $7.4 per gallon = $8,140 Purchases: Mar. 10 Mar. 16 Mar. 23 620 gals@ $7.45 820 gals @ $7.50 620 gals@ $7.55 Sales: Mar. S Mar. 14 Mar. 20 Mar. 26 420 gals 720 gals 520 gals 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be
Transcribed Image Text:Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1100 gallons @ $7.4 per gallon = $8,140 Purchases: Mar. 10 Mar. 16 Mar. 23 620 gals@ $7.45 820 gals @ $7.50 620 gals@ $7.55 Sales: Mar. S Mar. 14 Mar. 20 Mar. 26 420 gals 720 gals 520 gals 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be
Multiple Choice $5,692 $5,812 $5,872 $5.792
Transcribed Image Text:Multiple Choice $5,692 $5,812 $5,872 $5.792
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