March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: March 10 600...

 

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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 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: 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:

Answer rating: 100% (QA)

To calculate the ending inventory using the FIFO FirstIn FirstOut method we need to keep track of th... View the full answer