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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,750 gallons @ $8.7 per gallon = $15,225 Purchases: Sales: Mar. 10 750
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,750 gallons @ $8.7 per gallon = $15,225
| Purchases: | Sales: | ||||||||
| Mar. 10 | 750 | gals | @ | $ | 8.75 | Mar. 5 | 550 | gals | |
| Mar. 16 | 950 | gals | @ | $ | 8.80 | Mar. 14 | 850 | gals | |
| Mar. 23 | 750 | gals | @ | $ | 8.85 | Mar. 20 | 650 | gals | |
| Mar. 26 | 850 | gals | |||||||
Ending inventory assuming LIFO in a perpetual inventory system would be:
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Contemporary Auditing
Authors: Michael C. Knapp
9th Edition
1133731244, 9781133731245
