Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200
-The ending inventory assuming FIFO is:

Question

Inventory records for Herb's Chemicals revealed the following: March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200  
-The ending inventory assuming FIFO is:

Quizplus · Accepted Answer

11ea937b_362d_4c45_a419_c5f3a545e3b8_TB2599_00 Ending inventory is assumed to consist of 600 gallons from the Mar. 23 purchase:
600 × $7.35 = $4,410
+ 100 from the Mar. 16 purchase:
100 × $7.30 = $730;
Total = $5,140.

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