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 gals $ 7 35 Mar 20 500 gals Mar 26 700 gals Ending inventory assuming LIFO in a ...

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Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 =

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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	gals	@	$	7.35	Mar. 20	500	gals
						Mar. 26	700	gals

Ending inventory assuming LIFO in a perpetual inventory system would be:

A) $4,960.

B) $5,060.

C) $5,080.

D) $5,140.

Related Book For answer-question

Financial Accounting

ISBN: 978-0134564142

6th Canadian edition

Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin

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Posted Date: Nov 13, 2022 09:52 PM

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Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 =

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Financial Accounting

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