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.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4cf8db3-c4c5-4f31-8215-092f4340668c%2Fe5d187a7-1eeb-48cd-880f-190f832cea11%2F2ui1cbs_processed.jpeg&w=3840&q=75)
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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