Please do not give solution in image format thanku The following inventory transactions took place for Sheridan Corporation for the month of May:DateMay 1May 5May 10May 15May 20May 22May 24May 25Eventbeginning inventorypurchasepurchasesalesalepurchasepurchasesaleEnding inventoryQuantity2,0005,1403,9005,8201,9504,1202,0235,960$Cost/SellingPrice$3.303.503.606.506.503.80Calculate the ending inventory balance for Sheridan Corporation, assuming the company uses a periodic inventory system and theweighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimalplaces, e.g. 5,275.)3.806.50

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Description: Please do not give solution in image format thanku The following inventory transactions took place for Sheridan Corporation for the month of May:DateMay 1May 5May 10May 15May 20May 22May 24May 25Eventbeginning inventorypurchasepurchasesalesalepurchas

Physical counts of the stock are performed on a regular basis, often at the end of each accounting…

Business

Accounting

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.)

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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