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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: Mar. 10 Mar. 16

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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: Mar. 10 Mar. 16 600 gals @ $7.25 800 gals @ $7.30 600 gals @ $7.35 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 400 gals 700 gals 500 gals 700 gals Mar. 23 Ending inventory assuming LIFO in a periodic inventory system would be: Multiple Choice $5,040 $5,055. O $5,075. $5,135. O

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