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You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system. Date June 1 June 4 June June 11 10 June June Description. 25 28 Beginning inventory Purchase June 18 Purchase June 18 Sale Sale returni Purchase return Sale Purchase Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $34 37 64 64 40 40 70 44

You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system. Date June 1 June 4 June June 11 10 June June Description. 25 28 Beginning inventory Purchase June 18 Purchase June 18 Sale Sale returni Purchase return Sale Purchase Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $34 37 64 64 40 40 70 44

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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You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system. Date June 1 June 4 June 10 Description 28 Beginning inventory Purchase Sale June 11 June 18 Purchase June 18 Purchase return June 25 Sale June Sale return Purchase. Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $34 37 64 64 40 40 70 44
Transcribed Image Text:You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system. Date June 1 June 4 June 10 Description 28 Beginning inventory Purchase Sale June 11 June 18 Purchase June 18 Purchase return June 25 Sale June Sale return Purchase. Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $34 37 64 64 40 40 70 44
* Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO The ending inventory The cost of goods sold Gross profit eTextbook and Media Save for Later $ 1360 4995 6355 FIFO 2360 545 2905 $ $ AVERAGE-COST Attempts: 1 of 3 used i (a3) The parts of this question must be completed in order. This part will be available when you complete the part above. (b) The parts of this question must be completed in order. This part will be available when you complete the part above. 5105 2457 4188 Submit Answer
Transcribed Image Text:* Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO The ending inventory The cost of goods sold Gross profit eTextbook and Media Save for Later $ 1360 4995 6355 FIFO 2360 545 2905 $ $ AVERAGE-COST Attempts: 1 of 3 used i (a3) The parts of this question must be completed in order. This part will be available when you complete the part above. (b) The parts of this question must be completed in order. This part will be available when you complete the part above. 5105 2457 4188 Submit Answer
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