You have the following information for Sheridan Company for themonth ended October 31, 2017. Sheridan Company uses a periodicmethod for inventory.
Date | | Description | | Units | | Unit Cost or Selling Price |
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| Oct. 1 | | Beginning inventory | | 59 | | $26 |
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| Oct. 9 | | Purchase | | 113 | | 28 |
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| Oct. 11 | | Sale | | 103 | | 35 |
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| Oct. 17 | | Purchase | | 103 | | 29 |
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| Oct. 22 | | Sale | | 56 | | 40 |
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| Oct. 25 | | Purchase | | 75 | | 31 |
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| Oct. 29 | | Sale | | 102 | | 40 |
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Calculate the weighted-average cost. (Round answerto 3 decimal places, e.g. 5.125.)
| Weighted-average cost per unit | | $enter the weighted-average cost per unit in dollars rounded to3 decimal places |
Calculate ending inventory, cost of goods sold, gross profitunder each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost.
(Round answers to 0 decimal place, e.g.125.)
| | LIFO | | FIFO | | AVERAGE-COST |
|---|
| The ending inventory | | $enter a dollaramount  | | $enter a dollar amount | | $enter a dollar amount |
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| The cost of goods sold | | $enter a dollaramount  | | $enter a dollar amount | | $enter a dollaramount  |
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| Gross profit | | $enter a dollar amount | | $enter a dollar amount | | $enter a dollaramount  |
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