Required information [The following information applies to the questions displayed below.] Shenandoah Company reported the...
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Required information [The following information applies to the questions displayed below.] Shenandoah Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory_system. Required: Compute gross profit and ending inventory for the month of January for Shenandoah Company if: 1. Shenandoah Company uses LIFO, 2. Shenandoah Company purchased inventory from Buzzy Co. under credit term 2/10,n/30,FOB shipping point on January 20. 3. Shenandoah Company paid its January 20 purchase on January 22. 4. Shenandoah Company sold 83 units (refer to the table above) to Hornet Co. under credit terms 2/10,n/60, FOB shipping point on January 25. 5. Shenandoah Company shipped Hornet's order on January 25. 6. Hornet Co. received their order on January 30. Compute gross profit for the month of January for Shenandoah Company for LIFO inventory method. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Compute ending inventory for the month of January for Shenandoah Company for LIFO inventory method. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.)
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