You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COST
You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COST
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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![You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for
inventory.
Date
Oct. 1
Oct. 9
Oct. 11
Oct. 17
Oct. 22
Oct. 25
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Oct. 29 Sale
eTextbook and Media
Ending inventory
Cost of goods sold
Gross profit
Units
$
65
Weighted-average cost per unit $
$
130
$
95
e Textbook and Media
95
1. LIFO.
2. FIFO.
3. Average-cost.
(Round answers to O decimal places, e.g. 125.)
65
75
105
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods.
Unit Cost or Selling Price
$22
LIFO
24
$
45
$
25
50
27
50
FIFO
$
$
AVERAGE-COST](/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:You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for
inventory.
Date
Oct. 1
Oct. 9
Oct. 11
Oct. 17
Oct. 22
Oct. 25
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Oct. 29 Sale
eTextbook and Media
Ending inventory
Cost of goods sold
Gross profit
Units
$
65
Weighted-average cost per unit $
$
130
$
95
e Textbook and Media
95
1. LIFO.
2. FIFO.
3. Average-cost.
(Round answers to O decimal places, e.g. 125.)
65
75
105
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods.
Unit Cost or Selling Price
$22
LIFO
24
$
45
$
25
50
27
50
FIFO
$
$
AVERAGE-COST
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