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Sheridan Company uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 40 $7
Sheridan Company uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date | Number of Units | Unit Price | ||
---|---|---|---|---|
May 7 | 40 | $7 | ||
July 28 | 25 | 14 |
On June 1, Sheridan sold 20 units, and on August 27, 25 more units. Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decimal places, e.g. 1.246.)
Cost of Goods Sold | ||
---|---|---|
FIFO | $enter the cost of goods sold amount as per FIFO in dollars | |
LIFO | $enter the cost of goods sold amount as per LIFO in dollars | |
Average-cost | $enter the cost of goods sold amount as per Average-cost in dollars |
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