March 1, 2021, inventory: 1,700 gallons @ $8.6 per gallon = $14,620 Purchases: Mar. 10 Mar. 16 Mar. 23 740 gals @ $8.65 940 gals @ $8.70 740 gals @ $8.75 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 540 gals 840 gals 640 gals 840 gals

March 1, 2021, inventory: 1,700 gallons @ $8.6 per gallon = $14,620 Purchases: Mar. 10 Mar. 16 Mar. 23 740 gals @ $8.65 940 gals @ $8.70 740 gals @ $8.75 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 540 gals 840 gals 640 gals 840 gals

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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Question

Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,700 gallons @ $8.6 per gallon = $14,620
Purchases:
Mar. 10
Mar. 16
Mar. 23
740 gals @ $8.65
940 gals @ $8.70
740 gals @ $8.75
Sales:
Mar. 5
Mar. 14
Mar. 20
Mar. 26
540 gals
840 gals
640 gals
840 gals
Ending inventory assuming LIFO in a perpetual inventory system would be:

O
O
O
O
$10,756.
$10,856.
$10,876.
$10,936.

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