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Sheridan Company had a beginning inventory balance on July 1 of 410 units at a cost of $3.20 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per unit Date Units Price per unit July 10 1,480 $3.30 July 2 310 $6.10 13 720 3.50 11 1.040 6.10 27 590 3.70 28 540 6.50 Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale $ Number of units of ending inventory units Assume Sheridan uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $ Assume Sheridan uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $ Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpetual. Assume both the sale and purchase were for cash. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) FIFO periodic Date Account Titles and Explanation Debit Credit July 10 (To record cash purchase.) July 11 (To record cash sale.) (2) FIFO perpetual Date Account Titles and Explanation Debit Credit July 10 (To record cash purchase.) July 11 (To record cash sales.) July 11 (To record cost of goods sold.)

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