Inventory records for Herb’s Chemicals revealed the followin…

Inventory records for Herb’s Chemicals revealed the following:   March 1 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 The ending inventory under a periodic inventory system assuming weighted-average cost is:

A company forgets to record a purchase on credit in the Purc…

A company forgets to record a purchase on credit in the Purchases account, but ending inventory is correct. The effect of this mistake in the current year is:        Income            Cost of Goods Sold     Accounts Payable     Retained Earnings