What is the present value of a $10,000 bond, 7%, 5-year that pays interest annually? Market interest rate is 10%.
Inventory records for Herb's Chemicals revealed the following:
March 1, 2011, inventory: 1,000 gallons @ $7.20 = $7,200
Purchases
Mar 10 600 gals @7.25
Mar 16 800 gals @ 7.30
Mar 23 600 gals @7.35
Sales
Mar 5 400 gals
Mar 14 700 gals
Mar 20 500 gals
Mar 26 700 gals
What is the ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places)?