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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Assistance Used
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 Assistance Used
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