On December Sheridan Company had the account balances shown below.
times $
The following transactions occurred during December:
Dec. Purchased units of inventory on account at a cost of $ per unit.
Sold units of inventory on account for $ per unit. Sheridan sold of the $ units and of the $
Granted the December customer $ credit for units of inventory returned costing $ These units were returned to inventory.
Purchased units of inventory for cash at $ each.
Sold units of inventory on account for $ per unit. Sheridan sold of the $ units.
Adjustment data:
Recognized accrued salaries payable $
Recognized depreciation $ per month.
Compute ending inventory and cost of goods sold under FIFO, assuming Sheridan Company uses the periodic inventory system.
Ending Inventory $
Cost of Goods Sold $
Costof Goods Sold
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Compute ending inventory and cost of goods sold under LIFO, assuming Sheridan Company uses the periodic inventory system.
Ending Inventory $
Cost of Goods Sold $
