Inventory records for Herb’s Chemicals revealed the followin…
Inventory records for Herb’s Chemicals revealed the following: March 1 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 The ending inventory assuming LIFO in a perpetual inventory system would be:
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