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nventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200 Purchases: Sales: Mar. 10 600 gals @
nventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200
| Purchases: | Sales: | ||
| Mar. 10 | 600 gals @ $7.25 | Mar. 5 | 400 gals |
| Mar. 16 | 800 gals @ $7.30 | Mar. 14 | 700 gals |
| Mar. 23 | 600 gals @ $7.35 | Mar. 20 | 500 gals |
| Mar. 26 | 700 gals |
The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:
Multiple Choice
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$5,077.
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$5,087.
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$5,005.
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$5,107.
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