Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,450 gallons @ $8.1 per gallon = $11,745 Purchases: Sales: Mar. 10 690
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,450 gallons @ $8.1 per gallon = $11,745
| Purchases: | Sales: | ||||||||
| Mar. 10 | 690 | gals | @ | $ | 8.15 | Mar. 5 | 490 | gals | |
| Mar. 16 | 890 | gals | @ | $ | 8.20 | Mar. 14 | 790 | gals | |
| Mar. 23 | 690 | gals | @ | $ | 8.25 | Mar. 20 | 590 | gals | |
| Mar. 26 | 790 | gals | |||||||
Ending inventory assuming LIFO in a perpetual inventory system would be:
rev: 12_02_2020_QC_CS-242911
Multiple Choice
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$8,686.
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$8,606.
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$8,626.
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$8,506.
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Fundamentals Of Cost Accounting
Authors: T.R.Sikka
7th Edition
8130918706, 978-8130918709
