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Presented below is information related to Blowfish radios for the Sheridan Company for the month of July.

Date		Transaction		Units In		Unit Cost		Total		Units Sold		Selling Price		Total
July 1		Balance		150		$3.70		$ 555
6		Purchase		1,200		3.80		4,560
7		Sale								450		$6.80		$ 3,060
10		Sale								450		7.10		3,195
12		Purchase		600		4.10		2,460
15		Sale								300		7.20		2,160
18		Purchase		450		4.20		1,890
22		Sale								600		7.20		4,320
25		Purchase		750		4.18		3,135
30		Sale								300		7.30		2,190
		Totals		3,150				$12,600		2,100				$14,925

Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted-average cost

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Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.

Which of the methods used above will yield the lowest figure for gross profit for the income statement?

Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet?

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