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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![Inventory records for Herb's Chemicals revealed the following:
March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665
Purchases:
March 10
March 16
March 23
Sales:
March 5
March 14
March 20
March 26
670 gallons@ $7.95
870 gallons@ $8.00
670 gallons @ $8.05
470 gallons
770 gallons
570 gallons
770 gallons
Ending inventory assuming LIFO in a perpetual inventory system would be:](https://content.bartleby.com/qna-images/question/6b4cfa66-3ca1-4a52-ab67-883b628d80d6/460e1ab2-4c92-4f8c-afe9-7f60cb2578e9/lho40of_thumbnail.jpeg)
Transcribed Image Text:Inventory records for Herb's Chemicals revealed the following:
March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665
Purchases:
March 10
March 16
March 23
Sales:
March 5
March 14
March 20
March 26
670 gallons@ $7.95
870 gallons@ $8.00
670 gallons @ $8.05
470 gallons
770 gallons
570 gallons
770 gallons
Ending inventory assuming LIFO in a perpetual inventory system would be:
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