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Berry Company's record of transactions for the month of April was as follows: Purchases Sales April 1 (balance on hand) 300 $6.00 April 3 250
Berry Company's record of transactions for the month of April was as follows:
Purchases | Sales | |||||
April 1 | (balance on hand) | 300 | $6.00 | April 3 | 250 | $10.00 |
4 | 750 | 6.08 | 9 | 700 | 10.00 | |
8 | 400 | 6.40 | 11 | 300 | 11.00 | |
13 | 600 | 6.50 | 23 | 600 | 11.00 | |
21 | 350 | 6.60 | 27 | 450 | 12.00 | |
29 | 250 | 6.79 |
Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round to the nearest dollar)
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