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Sheridan Company sells one product. Presented below is information for January for Sheridan Company.

Jan. 1		Inventory		107	units at $5 each
4		Sale		84	units at $8 each
11		Purchase		146	units at $6 each
13		Sale		118	units at $9 each
20		Purchase		153	units at $7 each
27		Sale		89	units at $10 each

-Compute gross profit using the periodic system.

Gross profit

-Assume Sheridan uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

-Compute gross profit using the perpetual system.

Gross profit

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Waterway Industries has the following data related to an item of inventory:

Inventory, March 1		360 units	@ $2.40
Purchase, March 7		1450 units	@ $2.50
Purchase, March 16		290 units	@ $2.55
Inventory, March 31		510 units

The value assigned to ending inventory if Waterway uses LIFO is

$1224.

$1290.

$1299.

$1239.