Inventory records for Herb’s Chemicals revealed the followin…
Inventory records for Herb’s Chemicals revealed the following: March 1 inventory: 1,350 gallons @ $7.9 per gallon = $10,665 Purchases: Sales: March 10 670 gallons @ $7.95 March 5 470 gallons March 16 870 gallons @ $8.00 March 14 770 gallons March 23 670 gallons @ $8.05 March 20 570 gallons March 26 770 gallons Ending inventory assuming LIFO in a perpetual inventory system would be:
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