January 1 January 5 Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. January 8 January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 January 10 January 15 January 16 Date January 20 January 25 4 $ $ $ Gross profit $ Moving-Average Cost per unit $ $ $ $ Beginning inventory Purchase Sale Ending inventory Sale return Purchase Purchase return Sale Description Purchase Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.) Cost of goods sold $ $ $ Quantity 100 LIFO 147 114 10 55 5 93 22 $ Unit Cost or Selling Price $ For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) $ $17 20 FIFO 30 30 22 22 34 24 $ $ $ Moving-average
January 1 January 5 Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2022. January 8 January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 January 10 January 15 January 16 Date January 20 January 25 4 $ $ $ Gross profit $ Moving-Average Cost per unit $ $ $ $ Beginning inventory Purchase Sale Ending inventory Sale return Purchase Purchase return Sale Description Purchase Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.) Cost of goods sold $ $ $ Quantity 100 LIFO 147 114 10 55 5 93 22 $ Unit Cost or Selling Price $ For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) $ $17 20 FIFO 30 30 22 22 34 24 $ $ $ Moving-average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:January 1
January 5
Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from
customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit
transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of
January 2022.
January 8
January 1
January 5
January 8
January 10
January 15
January 16
January 20
January 25
January 10
January 15
January 16
Date
January 20
January 25
LA
$
$
Gross profit
LA
$
LA
Moving-Average Cost per unit
$
LA
tA
$
tA
$
Cost of goods sold
Beginning inventory
Purchase
Sale
Ending inventory
Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3
decimal places, e.g. 5.251.)
Sale return
Purchase
Purchase return
Sale
Description
Purchase
LA
LA
LA
$
eTextbook and Media
Quantity
100
LIFO
147
114
10
55
5
93
22
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO.
(3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.)
$
LA
LA
$
Unit Cost or Selling Price
$17
$
LA
20
30
FIFO
30
22
22
34
24
LA
$
$
LA
LA
Moving-average
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