Please provide specific detailed explanation and step by step.

Thank you.

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Mar. 10 Mar. 16 Mar. 23 600 gals @ $7.25 800 gals @ $7.30 600 gals @ $7.35 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 400 gals 700 gals 500 gals 700 gals The ending inventory assuming FIFO is