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Sheridan Bookstore had 510 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date
Sheridan Bookstore had 510 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:
| Date | Purchases | Sales | |
| Jan. 14 | 445 @ $13 | ||
| 17 | 250 @ $8 | ||
| 25 | 250 @ $10 | ||
| 29 | 290 @ $15 |
Sheridan does not maintain perpetual inventory records. According to a physical count, 275 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
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