Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,300 gallons @ $7.80...

 

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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,300 gallons @ $7.80 per gallon = $10,140 Purchases: Mar. 10 Mar. 16 Mar. 23 660 gals @ $7.85 860 gals @ $7.90 660 gals @ $7.95 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 460 gals 760 gals 560 gals 760 gals Ending inventory assuming LIFO in a periodic inventory system would be? Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 53 units at $139 per unit • 135 units at $142 per unit • 183 units at $122 per unit Sales for the year totaled 335 units, leaving 36 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of:? Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,300 gallons @ $7.80 per gallon = $10,140 Purchases: Mar. 10 Mar. 16 Mar. 23 660 gals @ $7.85 860 gals @ $7.90 660 gals @ $7.95 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 460 gals 760 gals 560 gals 760 gals Ending inventory assuming LIFO in a periodic inventory system would be? Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 53 units at $139 per unit • 135 units at $142 per unit • 183 units at $122 per unit Sales for the year totaled 335 units, leaving 36 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of:?

Answer rating: 100% (QA)

To determine the ending inventory assuming LIFO in a periodic inventory system we need to calculate the cost of goods sold COGS and subtract it from t... View the full answer