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Windsor Companys record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 696 @ $5.00 April 3
Windsor Companys record of transactions for the month of April was as follows.
Purchases | Sales | ||||||||||
April 1 | (balance on hand) | 696 | @ | $5.00 | April 3 | 580 | @ | $10.00 | |||
4 | 1,740 | @ | 5.09 | 9 | 1,624 | @ | 10.00 | ||||
8 | 928 | @ | 5.41 | 11 | 696 | @ | 11.00 | ||||
13 | 1,392 | @ | 5.51 | 23 | 1,392 | @ | 11.00 | ||||
21 | 812 | @ | 5.71 | 27 | 1,044 | @ | 12.00 | ||||
29 | 580 | @ | 5.89 | 5,336 | |||||||
6,148 |
A) assuming that the perpetual inventory records are kept in dollars, determine the inventory using LIFO and FIFO.
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