Accounting Principles I

You have the following information for Sheridan Inc. for the month ended June 30,2022 . Sheridan uses a periodic inventory system. 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 ploces, eg, 1,250.25 and other answers to 0 decimal places, es. 1,250. Calculate gross profit rate under each of the following methods, (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, es. 51.2\%.)