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 |
|||||
---|---|---|---|---|---|---|---|---|
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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