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Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000...

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Question

Accounting

Inventory records for Herb's Chemicals revealed the following:

March 1, 2018, 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

1: The ending inventory assuming FIFO is:

2: The ending inventory assuming LIFO in a perpetual inventory system would be?

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