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. Date January 11 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity Unit Cost or Selling Price 100 $13 144 16 111 24 24 10 55 5 93 18 18 18 30 20

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. Date January 11 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity Unit Cost or Selling Price 100 $13 144 16 111 24 24 10 55 5 93 18 18 18 30 20

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. For each of the following cost flow assumptions, calculate cost of goods sold, ending in

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

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, eg. 12.502 and final answer to 0 decimal places, e.g. 1.250.)
Cost of goods sold
Ending inventory
Gross profit
$
$
$
Texthook and Merlia
LIFO
$
$
$
FIFO
Moving average

Current Attempt in Progress
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
Date
January 11
January 5
January 8
January 10
January 15
Description
Beginning inventory
Purchase
Sale
Sale return
Purchase
January 16
January 201
Sale
January 25 Purchase
Purchase return
Quantity
100
144
111
10
55
5
93
18
Unit Cost or Selling Price
$13
16
24
24
18
18
30
20

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Step 2: Computation of cost of goods sold & ending inventory using Perpetual LIFO cash Flow:

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Step 3: Computation of cost of goods sold & ending inventory using Perpetual FIFO cash Flow:

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Step 4: Computation of cost of goods sold & ending inventory using Perpetual Moving Average cash Flow:

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Step 5: Computation of sales revenue :

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Step 6: Computation of Gross Profit :

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