Question

March 1, 2024, inventory: 1,550 gallons @ $8.30 per gallon = $12,865 Purchases: March 10 710 gallons @ $8.35 March 16 910 gallons @ $8.40 March 23 710 gallons @ $8.45 Sales: March 5 510 gallons March 14 810 gallons March 20 610 gallons March 26 810 gallons Ending inventory assuming LIFO in a periodic inventory system would be:

Name: march 1 2024 inventory 1550 gallons 830 per gallon 12865 purchases march 10 710 gallons 835 march 16 910 gallons 840 march 23 710 gallons 845 sales march 5 510 gallons march 14 810 gallons m 00916
Uploaded: 2023-11-10T01:06:44-08:00
Duration: 4 min 3 s
Channel: Akash M
Description: march 1 2024 inventory 1550 gallons 830 per gallon 12865 purchases march 10 710 gallons 835 march 16 910 gallons 840 march 23 710 gallons 845 sales march 5 510 gallons march 14 810 gallons m 00916

          March 1, 2024, inventory: 1,550 gallons @ $8.30 per gallon = $12,865
Purchases:   
March 10 710 gallons @ $8.35 
March 16 910 gallons @ $8.40 
March 23 710 gallons @ $8.45 
Sales:  
March 5 510 gallons
March 14 810 gallons
March 20 610 gallons
March 26 810 gallons
Ending inventory assuming LIFO in a periodic inventory system would be:

Added by Spencer P.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Akash M

11/10/2023

Step 1

- Calculate the total cost of purchases: 710 gallons @ $8.35 = $5,938.50 910 gallons @ $8.40 = $7,644.00 710 gallons @ $8.45 = $6,009.50 Total cost of purchases = $5,938.50 + $7,644.00 + $6,009.50 = $19,592.00 - Calculate the cost of goods available for Show more…

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March 1, 2024, inventory: 1,550 gallons @ $8.30 per gallon = $12,865 Purchases: March 10 710 gallons @ $8.35 March 16 910 gallons @ $8.40 March 23 710 gallons @ $8.45 Sales: March 5 510 gallons March 14 810 gallons March 20 610 gallons March 26 810 gallons Ending inventory assuming LIFO in a periodic inventory system would be: