Inventory records for Herb's Chemicals revealed the following:

March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $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:

a. $5,040.
b. $5,055.
c. $5,075.
d. $5,135.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Which of the following is an example of a positive externality? a. promoting generic drugs would benefit people. b. a lower inflation rate would benefit most consumers. c. compulsory flu shots for all students prevents the spread of illness in the general public. d. singapore has adopted a comprehensive savings plan for all workers known as the central provident fund.

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.