Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200
-Ending inventory assuming LIFO in a perpetual inventory system would be:

Question

Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200  
-Ending inventory assuming LIFO in a perpetual inventory system would be:

Quizplus · Accepted Answer

11ea937b_362d_2533_a419_1fdf91435f87_TB2599_00 Ending inventory is assumed to consist of 700 gallons from beginning inventory: 700 x $7.20 = $5,040

Inventory Records for Herb's Chemicals Revealed the Following: March 1