70.2K

Verified Solution

Link Copied!

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

Answer & Explanation Solved by verified expert

See Answer