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Problem 8-4 (Part Level Submission) Sheridan Companys record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1
Problem 8-4 (Part Level Submission) Sheridan Companys record of transactions concerning part X for the month of April was as follows.
Purchases | Sales | ||||||||
April 1 | (balance on hand) | 260 | @ | $5.70 | April 5 | 460 | |||
4 | 560 | @ | 5.81 | 12 | 360 | ||||
11 | 460 | @ | 6.04 | 27 | 1,120 | ||||
18 | 360 | @ | 6.10 | 28 | 150 | ||||
26 | 760 | @ | 6.38 | ||||||
30 | 360 | @ | 6.61 |
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Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. $6,548.)
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