Problem: Inventory records for Herb's Chemicals revealed the following:
March 1, 2009, 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
The ending inventory assuming LIFO and a perpetual inventory system is:
- $1,545.
- $1,470.
- $1,580.
- $1,510.