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Oct. 1 Beginning inventory Purchase Sale Purchase 10 12 13 25 27 Sale Purchase 25 30 (42) 35 (45) 20 $296 303 310 317 $468 478 Assume that all of Sheridan's sales are for cash and all of its purchases are on account.

Oct. 1 Beginning inventory Purchase Sale Purchase 10 12 13 25 27 Sale Purchase 25 30 (42) 35 (45) 20 $296 303 310 317 $468 478 Assume that all of Sheridan's sales are for cash and all of its purchases are on account.

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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am. 269.

Oct. 1 Beginning inventory 10 (a) 12 13 25 27 Oct. 10 Oct. 12 Purchase Oct. 12 Sale Date Account Titles Purchase Perpetual-FIFO Oct. 10 Sale Oct. 12 Purchase Oct. 12 Assume that all of Sheridan's sales are for cash and all of its purchases are on account. Perpetual-Weighted Average (To record cash sales.) 25 Record the purchase on October 10 and sale on October 12 for Sheridan Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 30 (42) 35 (45) (To record cash sales.) 20 (To record cost of goods sold.) $296 303 310 317 $468 478 Debit LOOD Credit
Transcribed Image Text:Oct. 1 Beginning inventory 10 (a) 12 13 25 27 Oct. 10 Oct. 12 Purchase Oct. 12 Sale Date Account Titles Purchase Perpetual-FIFO Oct. 10 Sale Oct. 12 Purchase Oct. 12 Assume that all of Sheridan's sales are for cash and all of its purchases are on account. Perpetual-Weighted Average (To record cash sales.) 25 Record the purchase on October 10 and sale on October 12 for Sheridan Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 30 (42) 35 (45) (To record cash sales.) 20 (To record cost of goods sold.) $296 303 310 317 $468 478 Debit LOOD Credit
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