Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,500 gallons @ $8.20...
Inventory records for Herb's Chemicals revealed the following:
March 1, 2021, inventory: 1,500 gallons @ $8.20 per gallon =
$12,300
| Purchases: | Sales: | ||||||||
| Mar. 10 | 700 | gals | @ | $ | 8.25 | Mar. 5 | 500 | gals | |
| Mar. 16 | 900 | gals | @ | $ | 8.30 | Mar. 14 | 800 | gals | |
| Mar. 23 | 700 | gals | @ | $ | 8.35 | Mar. 20 | 600 | gals | |
| Mar. 26 | 800 | gals | |||||||
Ending inventory assuming LIFO in a periodic inventory system would
be:
Multiple Choice
-
$9,020.
-
$9,135.
-
$9,075.
-
$9,035.
Homework Answers
Answer: $9,020
.
| Calculation of number of units sold | ||
| Mar. 5 | 500 | gals |
| Mar. 14 | 800 | gals |
| Mar. 20 | 600 | gals |
| Mar. 26 | 800 | gals |
| Total units sold | 2700 | gals |
.
| LIFO (Periodic) | |||
|
Units (a) |
Cost per Unit (b) |
Total (a x b) |
|
| Beginning inventory | 1500 | $8.20 | $12,300 |
| Purchases | |||
| Mar. 10 | 700 | $8.25 | $5,775 |
| Mar. 16 | 900 | $8.30 | $7,470 |
| Mar. 23 | 700 | $8.35 | $5,845 |
| Goods
Available for Sale [1,500 + 700 + 900 + 700 = 2,300] [$12,300 + $5,775 + $7,470 + $5,845 = $31,390] |
2300 | $31,390 | |
| Cost of Goods Sold: | |||
| Units from March 23 Purchases | 700 | $8.35 | $5,845 |
| Units from March 16 Purchases | 900 | $8.30 | $7,470 |
| Units from March 10 Purchases | 700 | $8.25 | $5,775 |
| Units from Beginning Inventory | 400 | $8.20 | $3,280 |
| Total Cost of Goods Sold [$5,845 + $7,470 + $5,775 + $3,280] | 2700 | $22,370 | |
| Ending
Inventory [1.500 + 2,300 - 2,700 = 1,100] [Goods available for sales - Total cost of goods sold = $31,390 - $9,020] |
1100 | $9,020 |
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