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in preparation for significant expansion of its international operations. Sheridan Co has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a witch from UFO inventory accounting to FIFO recall that IFRS does not allow LIFO Sheridan decides to make the switch to FIFO January 1, 2017. The following data pertains to Sheridan's 2017 financial statements in millions of dollars $580 Inventory purchases 12/31/17 inventory lasing Firol Compensation expense 610 All sales and purchases were with cash All of 2017 compensation expense was paid with cash flores Sheridan's property plant and equipment cost $430 million and has an estimated us e of 10 years with no salvage value Sheridan Coreported the following for fiscal 2016 milions of dollars SHERIDANCO. BALANCE SHEET AT DECEMBER 31, 2016 2016 2015 $ 392 $ 230 Common stock Inventory 510 Bendeamins Property.plant and equipment Accumulated depreciation Totalets 51.266 31.127 Total equity 2016 2015 5530 5330 736 597 $1206 51127 SHERIDANCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 (3301 Como con pense 1:39 Property planta de Accumulated depreciation Totales 4.30 (86) $1,266 (43) 1,127 Total equity $1.206 5 1,127 SHERIDANCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 $ 330 03:30 Sales Cost of poods sold Depreciation expense Compensation expense set income Summary of Significant Accounting Policies Inventory. The company accounts for inventory by the UFO method. The car happroximates FIFO was $63 and 53 higher at the end of fiscal 2016 and 2015.respectively than those reported in the bil decimal places 32.75. Do not leave any field Blank Enter for the Compute Sheridan's inventory turnover Tor 2016 and 2017 under both LiFO amounts in preparation for picant expansion of its international operations. Sheridan chassdopted a plan to gradually inventory accounting to Hiro recall that does not allow LIFO Sheridan decides to make the switch to into the accounting methods used by its international competitors. Part of the plan includes a witch from UFO nary 1, 2017 The following data pertanto Sheridan's 2017 financial statements in milions of doll 5580 Sales Inventory purchases 12/31/17 inventorying to Compensation expense 610 e value id with thone All sales and purchases were with cash. All of 2017 compensation expense wa Sheridan property plant and equipment cost $30 milion and has an estimated useful life of 10 years withinos Sheridan Coreported the following for frical 2016 (in millions of dollars All sales and purchases were with cash. All of 2017 compensation expense was paid with cash pore taxes. Sheridan's property.plant and equipment cost $450 million and as an estimated us e of 10 years with no salvage value Sheridan Coreported the following for fiscal 2016 (in milions of dollars): SHERIDANCO BALANCE SHELT AT DECEMBER 31, 2016 2016 2015 Cash $372 5230 Comon stock 530 510 Retained earnings Property plant, and equipment 430 Accumulated depreciation (86) 43 Total assets $ 1266 $1.127 Total equity 2016 $330 736 2015 $ 530 597 430 $ 1.266 51127 SHERIDANCO. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 Cost of goods sold Depreciation expense Compensation expense Net income Assalucher at the end offocal 2016 and 2015, respectively than those reported in the Summary of S a nt Accounting Policies Inventory. The company accounts for inventory by the LIFO method. The current cost of the compa balance sheet 1) ComputeSheridos entor LIFO in preparation for significant expansion of its international operations. Sheridan Co has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a witch from UFO inventory accounting to FIFO recall that IFRS does not allow LIFO Sheridan decides to make the switch to FIFO January 1, 2017. The following data pertains to Sheridan's 2017 financial statements in millions of dollars $580 Inventory purchases 12/31/17 inventory lasing Firol Compensation expense 610 All sales and purchases were with cash All of 2017 compensation expense was paid with cash flores Sheridan's property plant and equipment cost $430 million and has an estimated us e of 10 years with no salvage value Sheridan Coreported the following for fiscal 2016 milions of dollars SHERIDANCO. BALANCE SHEET AT DECEMBER 31, 2016 2016 2015 $ 392 $ 230 Common stock Inventory 510 Bendeamins Property.plant and equipment Accumulated depreciation Totalets 51.266 31.127 Total equity 2016 2015 5530 5330 736 597 $1206 51127 SHERIDANCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 (3301 Como con pense 1:39 Property planta de Accumulated depreciation Totales 4.30 (86) $1,266 (43) 1,127 Total equity $1.206 5 1,127 SHERIDANCO INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 $ 330 03:30 Sales Cost of poods sold Depreciation expense Compensation expense set income Summary of Significant Accounting Policies Inventory. The company accounts for inventory by the UFO method. The car happroximates FIFO was $63 and 53 higher at the end of fiscal 2016 and 2015.respectively than those reported in the bil decimal places 32.75. Do not leave any field Blank Enter for the Compute Sheridan's inventory turnover Tor 2016 and 2017 under both LiFO amounts in preparation for picant expansion of its international operations. Sheridan chassdopted a plan to gradually inventory accounting to Hiro recall that does not allow LIFO Sheridan decides to make the switch to into the accounting methods used by its international competitors. Part of the plan includes a witch from UFO nary 1, 2017 The following data pertanto Sheridan's 2017 financial statements in milions of doll 5580 Sales Inventory purchases 12/31/17 inventorying to Compensation expense 610 e value id with thone All sales and purchases were with cash. All of 2017 compensation expense wa Sheridan property plant and equipment cost $30 milion and has an estimated useful life of 10 years withinos Sheridan Coreported the following for frical 2016 (in millions of dollars All sales and purchases were with cash. All of 2017 compensation expense was paid with cash pore taxes. Sheridan's property.plant and equipment cost $450 million and as an estimated us e of 10 years with no salvage value Sheridan Coreported the following for fiscal 2016 (in milions of dollars): SHERIDANCO BALANCE SHELT AT DECEMBER 31, 2016 2016 2015 Cash $372 5230 Comon stock 530 510 Retained earnings Property plant, and equipment 430 Accumulated depreciation (86) 43 Total assets $ 1266 $1.127 Total equity 2016 $330 736 2015 $ 530 597 430 $ 1.266 51127 SHERIDANCO. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 Cost of goods sold Depreciation expense Compensation expense Net income Assalucher at the end offocal 2016 and 2015, respectively than those reported in the Summary of S a nt Accounting Policies Inventory. The company accounts for inventory by the LIFO method. The current cost of the compa balance sheet 1) ComputeSheridos entor LIFO