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The management of Sheridan Inc. is reevaluating the appropriateness of using its present inventory cost...

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Accounting

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The management of Sheridan Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost using a periodic inventory system. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Purchases were made quarterly as follows. Prepare comparative condensed income statements for 2022 under FIFO and LIFO through gross profit. (Show computations of ending inventory.) The management of Sheridan Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost using a periodic inventory system. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Purchases were made quarterly as follows. Prepare comparative condensed income statements for 2022 under FIFO and LIFO through gross profit. (Show computations of ending inventory.)

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