Inventory records for Herb's Chemicals revealed the following:March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665Purchases:Sales:MarchMarch 1014March 1,00026 gallonsMarch 16March 23610 gallons@$7.35810 gallons @$7.40610 gallons @$7.45The Cost of Goods Sold under a perpetual inventory system assuming movingaverage cost is:Note: Round unit cost to three decimal places and final answer to whole dollars.$13,148710 gallons$11,987$12,112O $12,576

Under moving average method, inventory and cost of goods sold is valued at moving average cost.

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665 Purchases: Sales: March March 10 14 March March 16 March 23 610 gallons @ $7.35 810 gallons @ $7.40 610 gallons @ $7.45 710 gallons 1,000 26 gallons

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665 Purchases: Sales: March March 10 14 March March 16 March 23 610 gallons @ $7.35 810 gallons @ $7.40 610 gallons @ $7.45 710 gallons 1,000 26 gallons

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Question

Inventory records for Herb's Chemicals revealed the following:
March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665
Purchases:
Sales:
March
March 10
14
March 1,000
26 gallons
March 16
March 23
610 gallons@
$7.35
810 gallons @
$7.40
610 gallons @
$7.45
The Cost of Goods Sold under a perpetual inventory system assuming moving
average cost is:
Note: Round unit cost to three decimal places and final answer to whole dollars.
$13,148
710 gallons
$11,987
$12,112
O $12,576

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