Inventory records for Herb's Chemicals revealed the following:
March 1, 2016, 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
Ending inventory assuming LIFO in a periodic inventory system would be:
$5,040.
$5,055.
$5,075.
$5,135.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Inventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200 Purchases: Sales: ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
If the Fed believes the economy is about to fall into recession, it should A. use an expansionary fiscal policy to increase the interest rate and shift AD to the right. B.
Answers (1)
Dana is watching television when a commercial for a brand of bathroom cleaner comes on. She is not very interested in the product category, but the ad was entertaining and made her laugh.
Answers (1)
The following information pertains to Simon, a cash basis sole proprietor, for the current tax year: Gross receipts from business $120,000 Dividend income from personal investments 800 Cost of goods sold 60,000 Other business operating expenses
Answers (1)
What's the code that 49 states have adopted to interpret and enforce contract law
Answers (1)
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.
Answers (1)
New Questions in Business
Tombert Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred.
Answers (1)
Suppose that cookie producers create a positive externality equal to $2 per dozen. What is the relationship between the equilibrium quantity and the socially optimal quantity of cookies to be produced? a. They are equal. b.
Answers (1)
Comfort Cloud manufactures seats for airplanes. The company has the capacity to produce 100,000 seats per year, but currently produces and sells 75,000 seats per year.
Answers (2)
In 2016, teller company sold 3,000 units at $600 each. variable expenses were $420 per unit, and fixed expenses were $240,000. what was tellers 2016 net income?
Answers (1)
IFRS accounting for impairments differs from GAAP in which of the following ways? (a) IFRS uses only a recoverability test in testing for impairment. (b) IFRS prohibits write-ups for recoveries of impairments for assets held for sale.
Answers (1)