Periodic inventory system Farm-Green Company uses a periodic inventory system to account for its inventory of liquid fertilizer. At the beginning of planting season, the farm had 16,000 gallons of fertilizer on hand that cost $13,760. Purchases and use of the fertilizer during the next 5 months were as follows:

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March Used 10,000 gallons April Used 17,000 gallons May Used 14,000 gallons Purchased 23,000 @ $.84/gal. Purchased 11,000 @ .88/gal. Purchased 13,000 @ .90/gal. June Used 12,000 gallons Purchased 10,000 @ .93/gal. July Used 13,000 gallons Purchased 12,000 @ .92/gal.