The following inventory transactions took place for Sheridan Corporation for the month of May: Cost/ Selling Price Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Ending inventory Quantity 2,000 5,140 3,900 5,820 1,950 4,120 2,023 5,960 $3.30 3.50 3.60 6.50 6.50 3.80 3.80 6.50 Calculate the ending inventory balance for Sheridan Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
The following inventory transactions took place for Sheridan Corporation for the month of May: Cost/ Selling Price Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale sale purchase purchase sale Ending inventory Quantity 2,000 5,140 3,900 5,820 1,950 4,120 2,023 5,960 $3.30 3.50 3.60 6.50 6.50 3.80 3.80 6.50 Calculate the ending inventory balance for Sheridan Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:The following inventory transactions took place for Sheridan Corporation for the month of May:
Date
May 1
May 5
May 10
May 15
May 20
May 22
May 24
May 25
Event
beginning inventory
purchase
purchase
sale
sale
purchase
purchase
sale
Ending inventory
Quantity
2,000
5,140
3,900
5,820
1,950
4,120
2,023
5,960
$
Cost/
Selling
Price
$3.30
3.50
3.60
6.50
6.50
3.80
Calculate the ending inventory balance for Sheridan Corporation, assuming the company uses a periodic inventory system and the
weighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal
places, e.g. 5,275.)
3.80
6.50
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education