Question

You are provided with the following information for Sheridan Inc. for the month ended June 30,...

You are provided with the following information for Sheridan Inc. for the month ended June 30, 2019. Sheridan uses the periodic system for inventory.

Date

Description

Quantity

Unit Cost or
Selling Price

June 1 Beginning inventory 41 $41
June 4 Purchase 137 45
June 10 Sale 108 73
June 11 Sale return 17 73
June 18 Purchase 55 47
June 18 Purchase return 12 47
June 25 Sale 66 78
June 28 Purchase 32 51

Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit $enter Weighted-average cost per unit in dollars rounded to 2 decimal places

(a2)

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

LIFO

FIFO

AVERAGE-COST

The ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places
The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places
Gross profit $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 2 decimal places

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