Question: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Sales: Mar. 10 Mar. 16 Mar. 23 650 gals 850 gals

March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Sales: Mar. 10 Mar. 16 Mar. 23 650 gals 850 gals 650 gals $7.75 Mar. 5 450 gals $7.80 Mar. 14 750 gals $7.85 Mar. 20 550 gals Mar. 26 750 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is: Multiple Choice $6,987. $7,007. $6,977. $6,905.

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