Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,800 gallons @ $8.8 per gallon = $15,840 Purchases: Sales: Mar. 10 760
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,800 gallons @ $8.8 per gallon = $15,840
| Purchases: | Sales: | ||||||||
| Mar. 10 | 760 | gals | @ | $ | 8.85 | Mar. 5 | 560 | gals | |
| Mar. 16 | 960 | gals | @ | $ | 8.90 | Mar. 14 | 860 | gals | |
| Mar. 23 | 760 | gals | @ | $ | 8.95 | Mar. 20 | 660 | gals | |
| Mar. 26 | 860 | gals | |||||||
Ending inventory assuming LIFO in a perpetual inventory system would be:
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
3rd Edition
9780078025525, 9780077517359, 77517350, 978-0077398194
