Inventory records for Herb's Chemicals revealed the following:March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200Purchases:March 10March 16March 23Sales:March 5400 gallonsMarch 14700 gallons500 gallonsMarch 20March 26700 gallonsEnding inventory assuming LIFO in a perpetual inventory system would be:Multiple Choice600 gallons @ $7.25800 gallons @ $7.30600 gallons @ $7.35$5,080.$4,960.$5,060.$5,140.

LIFO Method: 1. LIFO is an inventory valuation method where the last items added to inventory are…

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Sales: March 5 March 14 March 20 March 26 Purchases: March 10 March 16 March 23 600 gallons @ $7.25 800 gallons @ $7.30 600 gallons @ $7.35 400 gallons 700 gallons 500 gallons 700 gallons Ending inventory assuming LIFO in a perpetual inventory system would be:

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Sales: March 5 March 14 March 20 March 26 Purchases: March 10 March 16 March 23 600 gallons @ $7.25 800 gallons @ $7.30 600 gallons @ $7.35 400 gallons 700 gallons 500 gallons 700 gallons Ending inventory assuming LIFO in a perpetual inventory system would be:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...

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Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,100 gallons @ $7.40 per gallon = $8,140 Sales: March 5 Purchases: March 10 March 16 March 23 March 14 March 20 March 26 The ending inventory assuming FIFO is: Multiple Choice O 620 gallons @ $7.45 820 gallons @ $7.50 620 gallons @ $7.55 O $5,881. $5,791. $5,821. $5,801. 420 gallons 720 gallons 520 gallons 720 gallons
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665 Purchases: Sales: March March 10 14 March 1,000 26 gallons March 16 March 23 610 gallons@ $7.35 810 gallons @ $7.40 610 gallons @ $7.45 The Cost of Goods Sold under a perpetual inventory system assuming moving average cost is: Note: Round unit cost to three decimal places and final answer to whole dollars. $13,148 710 gallons $11,987 $12,112 O $12,576
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,850 gallons @ $8.90 per gallon = $16,465 Purchases: Sales: March 10 770 gallons @ $8.95 March 5 570 gallons March 16 970 gallons @ $9.00 March 14 870 gallons March 23 770 gallons @ $9.05 March 20 670 gallons March 26 870 gallons The ending inventory under a periodic inventory system assuming average cost is: $12,279. $12,381. $12,351. $12,361.
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Mar. 10 Mar. 16. Mar. 23 600 gals @ $7.25 800 gals @ $7.30 600 gals @ $7.35 Multiple Choice Ending inventory assuming LIFO in a periodic inventory system would be: $5,040. O $5,055. $5,075. Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 $5,135. 400 gals 700 gals 500 gals 700 gals
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon Purchases: Sales: Apr. 10 620 gals @ $ 7.45 Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50 Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55 Apr. 20 520 gals Apr. 26 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be:
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Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $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 under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665 Purchases: Sales: Mar. 10 470 gals 670 gals @ $7.95 870 gals @ $8.00 670 gals @ $8.05 Mar. 5 Mar. 16 Mar. 14 770 gals Mar. 23 Mar. 20 570 gals 770 gals Mar. 26 The ending inventory assuming FIFO is: Multiple Choice $7,874. $7,814. $7,794. $7,784.
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