Answer: $7,762
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.9...
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.
Inventory records for Herb's Chemicals revealed the following: March 1, 2018, 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 galst@ $7.35 Mar. 20 500 gals Mar. 26 700 gals Ending inventory assuming LIFO in a perpetual inventory system would be: $4,960 $5,060 $5,140 $5,040
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $109 per unit 73 units at $80 per unit 174 units at $62 per unit Sales for the year totaled 271 units, leaving 16 units on hand at the end of the year. Ending inventory using the LIFO method is: Multiple Choice $1,170. $1,744. $1,042. $992. Fulbright Corp. uses the periodic inventory system....