Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000...
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Accounting
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
1: The ending inventory assuming FIFO is:
2: The ending inventory assuming LIFO in a perpetual inventory system would be?
Inventory records for Herb's Chemicals revealed the following:
March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200
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Purchases: |
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| Sales: |
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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 |
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| Mar. 26 | 700 | gals |
1: The ending inventory assuming FIFO is:
2: The ending inventory assuming LIFO in a perpetual inventory system would be?
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