Question - 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
|
|
Jan. 17
|
250 @ $8
|
|
|
Jan. 25
|
250 @ $10
|
|
|
Jan. 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:
$2475.
$2200.
$2700.
$2750.