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Inventory records for Herb's Chemicals revealed the following: March 1, 2024, Inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Sales: March 10 March 5 March 16 March 14 March 23 March 20 March 26 510 gallons 810 gallons 610 gallons 810 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 710 gallons @ $8.35 910 gallons @ $8.40 710 gallons @ $8.45 $9,482. $9,562. $9,502. $9,382.

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, Inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Sales: March 10 March 5 March 16 March 14 March 23 March 20 March 26 510 gallons 810 gallons 610 gallons 810 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 710 gallons @ $8.35 910 gallons @ $8.40 710 gallons @ $8.45 $9,482. $9,562. $9,502. $9,382.

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, 2024, inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Sales: March 10 March 5 510 gallons March 16 March 14 810 gallons March 23 March 20 610 gallons March 26 810 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 710 gallons @ $8.35 910 gallons @ $8.40 710 gallons @ $8.45 $9,482. $9,562. $9,502. $9,382.
Transcribed Image Text:Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Sales: March 10 March 5 510 gallons March 16 March 14 810 gallons March 23 March 20 610 gallons March 26 810 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 710 gallons @ $8.35 910 gallons @ $8.40 710 gallons @ $8.45 $9,482. $9,562. $9,502. $9,382.
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