Sheridan Company uses a perpetual inventory system and reports the following inventory transactions for the month of July: Units 150 230 (250) 490 July 1 Inventory 12 Purchases 20 Sale 28 Purchases Unit Cost $7.00 8.00 Total Cost $1,050.00 1,840,00 10.00 4,900.00 Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) weighted average. (Round the weighted average cost 5.27 and final answers to 2 decimal places, e.g. 5,275.75.) FIFO Weighted average Cost of goods sold $ Ending inventory $ e Textbook and Media eTextbook and Media Which cost formula gives the higher ending inventory? cost formula gives the higher ending inventory. FIFO dia Both Weighted average Which cost formula results in the higher cost of goods sold? cost formula results in the higher cost of goods sold. e Textbook and Media Attempts: 0 of 3 used