You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 55 $24 Oct. 9 Purchase 140 26 Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale 100 888 90 45 90 27 55 50 65 29 50 (a1) ✔Your answer is correct. Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average cost per unit 26.50 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. 1. LIFO. 2. FIFO. 3. Average cost. (Round answers to O decimal places, e.g. 125) LIFO FIFO AVERAGE-COST Ending inventory $ $ Cost of goods sold $ Gross profit

You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 55 $24 Oct. 9 Purchase 140 26 Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale 100 888 90 45 90 27 55 50 65 29 50 (a1) ✔Your answer is correct. Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average cost per unit 26.50 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. 1. LIFO. 2. FIFO. 3. Average cost. (Round answers to O decimal places, e.g. 125) LIFO FIFO AVERAGE-COST Ending inventory $ $ Cost of goods sold $ Gross profit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...

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