Question

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of...

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 385 qts. @ $4.10 per quart on April 1.

Purchases: Sales:
Apr. 10 585 qts @ $ 4.20 Apr. 3 370 qts
Apr. 14 485 qts @ $ 4.30 Apr. 12 585 qts
Apr. 20 485 qts @ $ 4.35 Apr. 26 385 qts


The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)

Multiple Choice

  • $2,586.50.

  • $2,521.50.

  • $2,481.50.

  • $2,591.50.

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