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Assume that all of Sheridan's sales are for cash and all of its purchases are on account. (a) Record the purchase on October 10 and
Assume that all of Sheridan's sales are for cash and all of its purchases are on account. (a) Record the purchase on October 10 and sale on October 12 for Sheridan Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.275 and final answers to 2 decimal places, eg 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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