FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Sales: Mar. 10 710

Inventory records for Herb's Chemicals revealed the following:

March 1, 2021, inventory: 1,550 gallons @ $8.3 per gallon = $12,865

Purchases: Sales:
Mar. 10 710 gals @ $ 8.35 Mar. 5 510 gals
Mar. 16 910 gals @ $ 8.40 Mar. 14 810 gals
Mar. 23 710 gals @ $ 8.45 Mar. 20 610 gals
Mar. 26 810 gals

The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:

image text in transcribed

Inventory records for Hero's Chemicals revealed the following: March 1, 2021. Inventory: 1,550 gallons @ $8.3 per gallon = $12,865 Purchases: Mar. 10 Mar. 16 Mar. 23 710 gals @ $8.35 910 gals @ $8.40 710 gals @ $8.45 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 510 gals 810 gals 610 gals 810 gals The ending Inventory under a periodic Inventory system assuming average cost (rounding unit cost to three decimal places) is: Multiple Choice $9.530. $9,550 $9.920 $9,448

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Corporate Finance

Fundamentals of Corporate Finance

Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates

3rd edition

1118845897, 978-1118845899

Students also viewed these Accounting questions

Question

3. Dont make threats or raise your voice.

Answered: 1 week ago

Question

★★★★★
The Connecticut Computer Company has the following selected financial results. The company is considering a capital restructuring to increase leverage from its present level of 10% of capital. a....

Answered: 1 week ago

Question

★★★★★
Hackground: Depreciaboe acteunt for tach astet Durine 2016 , Grase Casol complettel the follouring trathactioes Assignment: Thir quertion has 3 requirements. Scroll down to review the requirements...

Answered: 1 week ago

Question

★★★★★
X has passed away leaving two living children, A and B, and one deceased child. His deceased child, C, had two children, D and E. Suppose X provided for per stirpes distribution. How would the estate...

Answered: 1 week ago

Question

★★★★★
A hotel find out that a famous hollywood celebrity will be staying for a vew days. security for the celebrity informs the hotel that there is a mentally unstable man who is stalkinh her and they are...

Answered: 1 week ago

Question

★★★★★
Determine the most likely bases for differentiated product or service offerings of Brookdale University Hospital Medical Center

Answered: 1 week ago

Question

★★★★★
Clearly EXPLAIN which area you have decided to focus on for your program/project development (i.e. recreation, housing, education, food security, elder abuse) and your rationale (the reason why) for...

Answered: 1 week ago

Question

★★★★★
Question 1: Evaluate the Role of Corporate Social Responsibility (CSR) in Modern Business Practices Question 2: Analyze the Impact of Globalization on Small and Medium-Sized Enterprises (SMEs)

Answered: 1 week ago

Question

★★★★★
Question 1: Discuss the Importance of Capital Structure in Financial Management. Analyze the Factors that Influence a Firm's Capital Structure Decision. Question 2: Evaluate the Efficient Market...

Answered: 1 week ago

Previous Question Next Question