Question: 27. Quick Trip Co. maintains its gasoline inventory using the perpetual inventory method. The gasoline is stored in an underground tank holding 100,000 gallons.

27.Quick Trip Co. maintains its gasoline inventory using the perpetual inventorymethod. The gasoline is stored in an underg

27. Quick Trip Co. maintains its gasoline inventory using the perpetual inventory method. The gasoline is stored in an underground tank holding 100,000 gallons. The LIF0 reserve has a balance of $1,020 at the beginning of April. The inventory records for April follow: Beginning inventory April 9 purchase April 15 sale April 29 purchase April 30 sale 11,000 gallons @ $2.55 per gallon 60,000 gallons @ $2.65 per gallon 62,000 gallons @ $3.60 per gallon 70,000 gallons @ $2.85 per gallon 7,500 gallons @ $3.60 per gallon A. Using the LIFO method, how much will Quick Trip Co. report as gross profit for April? - B. Determine the amount of change in the LIFO reserve during April.

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