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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $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 periodic inventory system would be:
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