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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Mar. 10 Mar. 16

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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Mar. 10 Mar. 16 Mar. 23 650 gals @ $7.75 850 gals @ $7.80 650 gals @ $7.85 Sales: Mar. 5 450 gals Mar. 14 750 gals Mar. 20 550 gals Mar. 26 750 gals Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice O $6,850. O $6,950. O $6,970. 0 $7,030

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