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, 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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