Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,850 gallons @ $8.9 per gallon = $16,465 Purchases: Sales: Mar. 10 770
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,850 gallons @ $8.9 per gallon = $16,465 Purchases: Sales: Mar. 10 770 gals @ $ 8.95 Mar. 5 570 gals Mar. 16 970 gals @ $ 9.00 Mar. 14 870 gals Mar. 23 770 gals @ $ 9.05 Mar. 20 670 gals Mar. 26 870 gals Ending inventory assuming LIFO in a perpetual inventory system would be:
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Auditing And Assurance Services A Systematic Approach
Authors: William F. Messier, Steven M. Glover, Douglas F. Prawitt
4th Edition
0071117474, 9780071117470
