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Concord Company's record of transactions for the month of April was as follows. Purchases: April 1: 660 at $5, April 4: 1650 at 5.07, April
Concord Company's record of transactions for the month of April was as follows.
Purchases: April 1: 660 at $5, April 4: 1650 at 5.07, April 8: 880 at 5.37, April 13: 1320 at 5.47, April 21: 770 at 5.67, April 29: 550 at 5.88. Total unit: 5830
Sales: April 3: 550 at 11, April 9: 1540 at 11, April 11: 660 at 12, April 23: 1320 at 12. April 2: 990 at 13. Total unit: 5060
Assuming that perpetual inventory records are kept in dollars, determine the inventory using
(1) FIFO
(2) LIFO.
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