The following information relates to Sheridan Ltd's inventory transactions during the month of July. July 1 4 8 14 22 28 Beginning inventory Purchase Sale Sale Purchase Sale Units 3,680 5,520 5,520 1,380 4,600 3,220 Cost/Unit $12.00 $12.50 All of the units sold were priced at $20 per unit. Amount $44,160 69,000 $12.75 58,650
The following information relates to Sheridan Ltd's inventory transactions during the month of July. July 1 4 8 14 22 28 Beginning inventory Purchase Sale Sale Purchase Sale Units 3,680 5,520 5,520 1,380 4,600 3,220 Cost/Unit $12.00 $12.50 All of the units sold were priced at $20 per unit. Amount $44,160 69,000 $12.75 58,650
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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
Transcribed Image Text:The following information relates to Sheridan Ltd's inventory transactions during the month of July.
July 1 Beginning inventory
Purchase
4
8
00
Sale
14 Sale
22
28
Purchase
Sale
Units
3,680
5,520
5,520
1,380
4,600
3,220
Cost/Unit
Amount
$12.00 $44,160
$12.50 69,000
All of the units sold were priced at $20 per unit.
$12.75 58,650

Transcribed Image Text:(a1)
Sheridan Ltd. uses the perpetual inventory system.
Calculate Sheridan' cost of goods sold, gross margin, and ending inventory for the month of July using FIFO.
Cost of goods sold $
Gross margin
Ending inventory
LA
$
$
LA
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