In its first month of operations,Sheridan Companymade three purchases of merchandise in the following sequence: 200 units at $12; 250 units at $11; and 300 units at $10. There are460units on hand at the end of the period.Sheridanuses a periodic inventory system.

Calculate the cost of the ending inventory and cost of goods sold under FIFO.

FIFO

• Ending inventory-
• Cost of goods sold -

B. Calculate the cost of the ending inventory and cost of goods sold under weighted average.(Round weighted average cost per unit to two decimals places e.g. 52.75 and final answers to 0 decimal places e.g. 5,275.)

• Ending inventory

• Cost of goods sold