Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990@ 3.30 18 5550@ 8.00 25 760@ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990@ 3.30 18 5550@ 8.00 25 760@ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Sheridan Company had the following transactions for the month of June:
Purchases
Sales
June 1
(balance) 3290@ $3.00
June 2
2400@ $5.40
3
8700 @
2.90
6
6450@
5.40
7
4730@
3.10.
9
3910@
5.40
15
7100@
3.20
10
1690@
8.00
22
1990 @ 3.30
25
22
18
5550@
8.00
760 @
8.00
Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
$15655.
$15150.
O $16359.
O $14974.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F377e38a4-a2d8-414f-9626-d9d0905c6780%2F46a59b76-0d15-49f1-b84d-a704c3cd2849%2Ft24osg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sheridan Company had the following transactions for the month of June:
Purchases
Sales
June 1
(balance) 3290@ $3.00
June 2
2400@ $5.40
3
8700 @
2.90
6
6450@
5.40
7
4730@
3.10.
9
3910@
5.40
15
7100@
3.20
10
1690@
8.00
22
1990 @ 3.30
25
22
18
5550@
8.00
760 @
8.00
Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
$15655.
$15150.
O $16359.
O $14974.
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