Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,150 gallons @ $7.5 per gallon = $8,625 Purchases: Sales: Mar. 10 630
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,150 gallons @ $7.5 per gallon = $8,625
| Purchases: | Sales: | ||||||||
| Mar. 10 | 630 | gals | @ | $ | 7.55 | Mar. 5 | 430 | gals | |
| Mar. 16 | 830 | gals | @ | $ | 7.60 | Mar. 14 | 730 | gals | |
| Mar. 23 | 630 | gals | @ | $ | 7.65 | Mar. 20 | 530 | gals | |
| Mar. 26 | 730 | gals | |||||||
Ending inventory assuming LIFO in a perpetual inventory system would be:
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
