Problem 8-4 (Part Level Submission) Sheridan Company’s record of transactions co

Question

Problem 8-4 (Part Level Submission) Sheridan Company’s record of transactions concerning part X for the month of April was as follows.

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.)

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

Explanation / Answer

Inventory at April 30 FIFO LIFO Average Cost Number of Units 670 670 670 Cost of Ending Inventory $ 4,357 $ 4,152 $ 4,271

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