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March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: March 10 600 gallons @ $7.25 Sales: March 5 400 gallons
March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: March 10 600 gallons @ $7.25 Sales: March 5 400 gallons March 16 800 gallons @ $7.30 March 14 700 gallons March 23 600 gallons @ $7.35 March 20 500 gallons March 26 700 gallons The ending inventory assuming FIFO is:
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
