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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,950 gallons @ $9.10 per gallon = $17,745 Purchases: Sales: Mar. 10 790
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,950 gallons @ $9.10 per gallon = $17,745
| Purchases: | Sales: | ||||||||
| Mar. 10 | 790 | gals | @ | $ | 9.15 | Mar. 5 | 590 | gals | |
| Mar. 16 | 990 | gals | @ | $ | 9.20 | Mar. 14 | 890 | gals | |
| Mar. 23 | 790 | gals | @ | $ | 9.25 | Mar. 20 | 690 | gals | |
| Mar. 26 | 890 | gals | |||||||
Ending inventory assuming LIFO in a periodic inventory system would be:
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