Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600
- Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200
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| Purchases: |
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| Sales: |
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| Mar. 10 | 600 | gals | @ | $ | 7.25 |
| Mar. 5 | 400 | gals |
| Mar. 16 | 800 | gals | @ | $ | 7.30 |
| Mar. 14 | 700 | gals |
| Mar. 23 | 600 | gals | @ | $ | 7.35 |
| Mar. 20 | 500 | gals |
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| Mar. 26 | 700 | gals |
The ending inventory assuming FIFO is:
- $5,140.
- $5,080.
- $5,060.
- $5,050.
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| Beginning inventory in gallons |
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| Gallons purchased |
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| Gallons sold |
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| Ending inventory gallons |
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Auditing Text And Cases
Authors: W. Robert Knechel, Knechel
1st Edition
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