You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Oct. 11 Sale Purchase Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Medial (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 3. Average-cost. (Round answers to 1 decimal place, eg. 51.2 % ) 2270 LIFO 6680 i 6095 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 32.3 $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %
You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Oct. 11 Sale Purchase Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Medial (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 3. Average-cost. (Round answers to 1 decimal place, eg. 51.2 % ) 2270 LIFO 6680 i 6095 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 32.3 $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...
Related questions
Question
![You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for
inventory.
Date
Oct. 1
Oct. 9
Oct. 11
Oct. 17
Oct. 22
Oct. 25
Oct. 29
Beginning inventory
Description
Purchase
Sale
Purchase
Sale
Purchase
Sale
Units Unit Cost or Selling Price
$22
65
130
95
95
65
75
105
24
45
25
50
27
50
Ending inventory $
Cost of goods sold
Gross profit
Solution
eTextbook and Media
(a3)
$
$
* Your answer is incorrect.
Gross profit rate
LIFO
2270
LIFO
6680
6095
i
32.3
Calculate the gross profit rate under each of the following methods.
1. LIFO.
2. FIFO.
3. Average-cost.
(Round answers to 1 decimal place, e.g. 51.2%)
$
%
$
$
FIFO
FIFO
2650
6300 i
6475
34.4
%
$
$
$
AVERAGE-COST
2452
6498 i
6277
Attempts: 3 of 3 used
AVERAGE-COST
33.3
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75d8f333-11d1-4432-9a73-7a65f0b6a787%2F667c55a6-6d9b-4fd5-bb5f-46c888f85dc5%2F7w0kqu8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for
inventory.
Date
Oct. 1
Oct. 9
Oct. 11
Oct. 17
Oct. 22
Oct. 25
Oct. 29
Beginning inventory
Description
Purchase
Sale
Purchase
Sale
Purchase
Sale
Units Unit Cost or Selling Price
$22
65
130
95
95
65
75
105
24
45
25
50
27
50
Ending inventory $
Cost of goods sold
Gross profit
Solution
eTextbook and Media
(a3)
$
$
* Your answer is incorrect.
Gross profit rate
LIFO
2270
LIFO
6680
6095
i
32.3
Calculate the gross profit rate under each of the following methods.
1. LIFO.
2. FIFO.
3. Average-cost.
(Round answers to 1 decimal place, e.g. 51.2%)
$
%
$
$
FIFO
FIFO
2650
6300 i
6475
34.4
%
$
$
$
AVERAGE-COST
2452
6498 i
6277
Attempts: 3 of 3 used
AVERAGE-COST
33.3
%
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