### Inventory Information for Sheridan Inc. - October 2025 Sheridan Inc. uses a periodic inventory system. The following data is provided for the month ended October 31, 2025: | Date | Description | Units | Unit Cost or Selling Price | |------------|--------------------|-------|----------------------------| | Oct. 1 | Beginning inventory| 65 | $22 | | Oct. 9 | Purchase | 130 | $24 | | Oct. 11 | Sale | 95 | $45 | | Oct. 17 | Purchase | 95 | $25 | | Oct. 22 | Sale | 65 | $50 | | Oct. 25 | Purchase | 75 | $27 | | Oct. 29 | Sale | 105 | $50 | ### Weighted-Average Cost Calculation The task is to calculate the weighted-average cost per unit. Ensure to round the answer to three decimal places (e.g., 5.125). **Weighted-average cost per unit:** - Input the calculated value here: `$________` ### Calculating Ending Inventory, Cost of Goods Sold, and Gross Profit Perform calculations for each of the following methods with the resulting values being rounded to zero decimal places (e.g., 125): 1. LIFO (Last In, First Out) 2. FIFO (First In, First Out) 3. Average-cost #### Table for Input | Method | Ending Inventory | Cost of Goods Sold | Gross Profit | |--------------|------------------|--------------------|--------------| | LIFO | $ | $ | $ | | FIFO | $ | $ | $ | | Average-Cost | $ | $ | $ | Use these methodologies to determine financial metrics, which are crucial for accurate financial reporting and decision-making. Make sure to enter the appropriate amounts for each method in the designated spaces.
### Inventory Information for Sheridan Inc. - October 2025 Sheridan Inc. uses a periodic inventory system. The following data is provided for the month ended October 31, 2025: | Date | Description | Units | Unit Cost or Selling Price | |------------|--------------------|-------|----------------------------| | Oct. 1 | Beginning inventory| 65 | $22 | | Oct. 9 | Purchase | 130 | $24 | | Oct. 11 | Sale | 95 | $45 | | Oct. 17 | Purchase | 95 | $25 | | Oct. 22 | Sale | 65 | $50 | | Oct. 25 | Purchase | 75 | $27 | | Oct. 29 | Sale | 105 | $50 | ### Weighted-Average Cost Calculation The task is to calculate the weighted-average cost per unit. Ensure to round the answer to three decimal places (e.g., 5.125). **Weighted-average cost per unit:** - Input the calculated value here: `$________` ### Calculating Ending Inventory, Cost of Goods Sold, and Gross Profit Perform calculations for each of the following methods with the resulting values being rounded to zero decimal places (e.g., 125): 1. LIFO (Last In, First Out) 2. FIFO (First In, First Out) 3. Average-cost #### Table for Input | Method | Ending Inventory | Cost of Goods Sold | Gross Profit | |--------------|------------------|--------------------|--------------| | LIFO | $ | $ | $ | | FIFO | $ | $ | $ | | Average-Cost | $ | $ | $ | Use these methodologies to determine financial metrics, which are crucial for accurate financial reporting and decision-making. Make sure to enter the appropriate amounts for each method in the designated spaces.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 73BPSB: ( Appendix 6B) Inventory Costing Methods Grencia Company uses a periodic inventory system. For 2018...
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![### Inventory Information for Sheridan Inc. - October 2025
Sheridan Inc. uses a periodic inventory system. The following data is provided for the month ended October 31, 2025:
| Date | Description | Units | Unit Cost or Selling Price |
|------------|--------------------|-------|----------------------------|
| Oct. 1 | Beginning inventory| 65 | $22 |
| Oct. 9 | Purchase | 130 | $24 |
| Oct. 11 | Sale | 95 | $45 |
| Oct. 17 | Purchase | 95 | $25 |
| Oct. 22 | Sale | 65 | $50 |
| Oct. 25 | Purchase | 75 | $27 |
| Oct. 29 | Sale | 105 | $50 |
### Weighted-Average Cost Calculation
The task is to calculate the weighted-average cost per unit. Ensure to round the answer to three decimal places (e.g., 5.125).
**Weighted-average cost per unit:**
- Input the calculated value here: `$________`
### Calculating Ending Inventory, Cost of Goods Sold, and Gross Profit
Perform calculations for each of the following methods with the resulting values being rounded to zero decimal places (e.g., 125):
1. LIFO (Last In, First Out)
2. FIFO (First In, First Out)
3. Average-cost
#### Table for Input
| Method | Ending Inventory | Cost of Goods Sold | Gross Profit |
|--------------|------------------|--------------------|--------------|
| LIFO | $ | $ | $ |
| FIFO | $ | $ | $ |
| Average-Cost | $ | $ | $ |
Use these methodologies to determine financial metrics, which are crucial for accurate financial reporting and decision-making. Make sure to enter the appropriate amounts for each method in the designated spaces.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4f1bd45-0584-49f4-9d42-60805b104190%2F88095437-bd47-47a9-b0f3-d0cf8e889e66%2Ffaos186_processed.png&w=3840&q=75)
Transcribed Image Text:### Inventory Information for Sheridan Inc. - October 2025
Sheridan Inc. uses a periodic inventory system. The following data is provided for the month ended October 31, 2025:
| Date | Description | Units | Unit Cost or Selling Price |
|------------|--------------------|-------|----------------------------|
| Oct. 1 | Beginning inventory| 65 | $22 |
| Oct. 9 | Purchase | 130 | $24 |
| Oct. 11 | Sale | 95 | $45 |
| Oct. 17 | Purchase | 95 | $25 |
| Oct. 22 | Sale | 65 | $50 |
| Oct. 25 | Purchase | 75 | $27 |
| Oct. 29 | Sale | 105 | $50 |
### Weighted-Average Cost Calculation
The task is to calculate the weighted-average cost per unit. Ensure to round the answer to three decimal places (e.g., 5.125).
**Weighted-average cost per unit:**
- Input the calculated value here: `$________`
### Calculating Ending Inventory, Cost of Goods Sold, and Gross Profit
Perform calculations for each of the following methods with the resulting values being rounded to zero decimal places (e.g., 125):
1. LIFO (Last In, First Out)
2. FIFO (First In, First Out)
3. Average-cost
#### Table for Input
| Method | Ending Inventory | Cost of Goods Sold | Gross Profit |
|--------------|------------------|--------------------|--------------|
| LIFO | $ | $ | $ |
| FIFO | $ | $ | $ |
| Average-Cost | $ | $ | $ |
Use these methodologies to determine financial metrics, which are crucial for accurate financial reporting and decision-making. Make sure to enter the appropriate amounts for each method in the designated spaces.
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