You have the following information for Sheridan Company for the month ended October 31, 2017. Sheridan...

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Accounting

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
Oct. 1 Beginning inventory 59 $26
Oct. 9 Purchase 113 28
Oct. 11 Sale 103 35
Oct. 17 Purchase 103 29
Oct. 22 Sale 56 40
Oct. 25 Purchase 75 31
Oct. 29 Sale 102 40
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
The cost of goods sold $enter a dollaramount   $enter a dollar amount $enter a dollaramount
Gross profit $enter a dollar amount $enter a dollar amount $enter a dollaramount

Date	Description	Units	Unit Cost or Selling Price
Oct. 1	Beginning inventory	59	$26
Oct. 9	Purchase	113	28
Oct. 11	Sale	103	35
Oct. 17	Purchase	103	29
Oct. 22	Sale	56	40
Oct. 25	Purchase	75	31
Oct. 29	Sale	102	40

	LIFO	FIFO	AVERAGE-COST
The ending inventory	$enter a dollaramount	$enter a dollar amount	$enter a dollar amount
The cost of goods sold	$enter a dollaramount	$enter a dollar amount	$enter a dollaramount
Gross profit	$enter a dollar amount	$enter a dollar amount	$enter a dollaramount

Answer & Explanation Solved by verified expert

4.2 Ratings (882 Votes)

Calculation of units in Ending inventory Date Purchase Sale Balance Oct 1 59 units 59 units Oct 9 113 172 Oct 11 103 69 Oct 17 103 172 Oct 22 56 116 Oct 25 75 191 Oct 29 102 89 units Units in Ending inventory 89 units Calculation of goods available See Answer

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