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25. Inventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200 Purchases: Sales: Mar. 10 600 gals
25.
Inventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200
| Purchases: | Sales: | ||
| Mar. 10 | 600 gals @ $7.25 | Mar. 5 | 400 gals |
| Mar. 16 | 800 gals @ $7.30 | Mar. 14 | 700 gals |
| Mar. 23 | 600 gals @ $7.35 | Mar. 20 | 500 gals |
| Mar. 26 | 700 gals |
Ending inventory assuming LIFO in a perpetual inventory system would be:
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Fraud In Accounts Payable How To Prevent It
Authors: Mary S. Schaeffer
1st Edition
0470260459, 978-0470260456
