Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon =$7,200 Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice $5,080. $5,060. $5,140. $4,960. Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon =$7,200 The ending inventory assuming FIFO is: Multiple Choice $5,060. $5,080. $5,050. $5,140. Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,250 gallons @ $7.70 per gallon = $9,625 The ending inventory under a periodic inventory system assuming average cost is: Note: Round unit cost to three decimal places and final answer to whole dollars. Multiple Choice $6,987. $6,977. $6,905. $7,007. Nueva Company reported the following pretax data for its first year of operations. How much more will Nueva report in income tax if it elects FIFO instead of LIFO? Multiple Choice $155 $110 $45 $135 Northwest Fur Company started 2024 with $108,000 of inventory on hand. During 2024,$530,000 in inventory was purchased on account with credit terms of 1/15,n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,700. Inventory with an invoice amount of $4,500 was returned for credit. Cost of goods sold for the year was $364,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? Multiple Choice $271,885 $281,700 $271,945 $277,200 The Constance Corporation's inventory on December 31,2024 , was $125,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: - Inventory costing \$15,000, shipped f.o.b. shipping point from a vendor on December 27, 2024, was received by Constance on January 5, 2025. - Inventory costing $45,000 was shipped to a customer f.o.b. shipping point on December 28, 2024, arrived at the customer's location on January 6 , 2025. - Inventory costing $21,000 was being held on hand for Jess Company on consignment. - Estimated sales returns are 10% of annual sales. Sales revenue was $550,000 with a gross profit ratio of 25%. What amount should Constance Corporation report as inventory in its December 31, 2024, balance sheet? Multiple Choice $160,250 $187,250 $145,250 $190,250