1. Sheridan Company has the following data related to an item of inventory:

Inventory, March 1		360 units	@ $1.90
Purchase, March 7		1450 units	@ $2.00
Purchase, March 16		310 units	@ $2.05
Inventory, March 31		510 units

The value assigned to ending inventory if Sheridan uses LIFO is

$969.

$984.

$1044.

$1035.

2. Transactions for the month of June were:

Purchases					Sales
June 1		(balance) 3180 @	$3.30		June 2		2350 @	$5.40
3		8820 @	3.20		6		6380 @	5.40
7		4900 @	3.40		9		3920 @	5.40
15		7180 @	3.50		10		1540 @	8.00
22		1960 @	3.60		18		5610 @	8.00
					25		760 @	8.00

Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is

$19376.

$17854.

$18084.

$18632.

3Transactions for the month of June were:

Purchases					Sales
June 1		(balance) 3270 @	$3.00		June 2		2360 @	$5.50
3		8800 @	2.90		6		6490 @	5.50
7		4740 @	3.10		9		3970 @	5.50
15		7290 @	3.20		10		1630 @	7.00
22		1970 @	3.30		18		5700 @	7.00
					25		750 @	7.00

Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is

$16049.

$15723.

$15523.

$16741.

4.Transactions for the month of June were:

Purchases					Sales
June 1		(balance) 3220 @	$3.30		June 2		2410 @	$5.60
3		8890 @	3.20		6		6350 @	5.60
7		4850 @	3.40		9		4090 @	5.60
15		7160 @	3.50		10		1560 @	6.00
22		1950 @	3.60		18		5510 @	6.00
					25		780 @	6.00

Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is

$16866.

$18228.

$17066.

$18990.

5. Transactions for the month of June were:

Purchases					Sales
June 1		(balance) 3220 @	$3.20		June 2		2410 @	$5.70
3		8780 @	3.10		6		6360 @	5.70
7		4700 @	3.30		9		3930 @	5.70
15		7290 @	3.40		10		1640 @	6.00
22		2000 @	3.50		18		5590 @	6.00
					25		750 @	6.00

Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.)

$17672.

$17552.

$17311.

$16731.