Question
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,600 gallons @ $8.40 per gallon = $13,440 Purchases: Sales: Mar. 10 720
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,600 gallons @ $8.40 per gallon = $13,440
| Purchases: | Sales: | ||||||||
| Mar. 10 | 720 | gals | @ | $ | 8.45 | Mar. 5 | 520 | gals | |
| Mar. 16 | 920 | gals | @ | $ | 8.50 | Mar. 14 | 820 | gals | |
| Mar. 23 | 720 | gals | @ | $ | 8.55 | Mar. 20 | 620 | gals | |
| Mar. 26 | 820 | gals | |||||||
Ending inventory assuming LIFO in a periodic inventory system would be:
Multiple Choice
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$9,912.
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$9,971.
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$10,031.
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$9,927.
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Internal Audit Leadership Elevating The Internal Audit Function To Accelerate Value
Authors: Patricia Kaim
1st Edition
1032557168, 978-1032557168
