Inventory records for Herb's Chemicals revealed the following:
March 1, 2016, 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
Ending inventory assuming LIFO in a periodic inventory system would be:
$5,040.
$5,055.
$5,075.
$5,135.
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