Problem 6-5A

You have the following information for Sheridan Company for the month ended October 31, 2017. Sheridan Company uses a periodic method for inventory.

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		59		$26
Oct. 9		Purchase		113		28
Oct. 11		Sale		103		35
Oct. 17		Purchase		103		29
Oct. 22		Sale		56		40
Oct. 25		Purchase		75		31
Oct. 29		Sale		102		40

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit

$enter weighted-average cost per unit in dollars

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Gross profit		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)

		LIFO			FIFO			AVERAGE-COST
Gross profit rate		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place	%