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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,300 gallons @ $7.80 per gallon = $10,140 Purchases: Sales: Mar. 10 660
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,300 gallons @ $7.80 per gallon = $10,140 Purchases: Sales: Mar. 10 660 gals @ $ 7.85 Mar. 5 460 gals Mar. 16 860 gals @ $ 7.90 Mar. 14 760 gals Mar. 23 660 gals @ $ 7.95 Mar. 20 560 gals Mar. 26 760 gals Ending inventory assuming LIFO in a periodic inventory system would be:
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