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Sheridan Company uses a perpetual inventory system. The company began 2021 with 900 lamps in inventory at a cost of $13 per unit. During 2021,
Sheridan Company uses a perpetual inventory system. The company began 2021 with 900 lamps in inventory at a cost of $13 per unit. During 2021, Sheridan had the following purchases and sales of lamps: February 15 Purchased April 24 Sold June 6 Purchased 1,800 units @ $19 per unit 2,250 units @ $31 per unit 3.150 units @ $24 per unit 1.800 units @ $34 per unit 1.260 units @ $27 per unit Sold October 18 December 4 Purchased All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, eg. 5.275 and final answers to decimal places, eg. 5,275.) Average Cost of goods sold $ Ending inventory Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round the average cost per unit to three decimal places, eg. 5.275 and final answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 (To record cost of goods sold.) Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round the average cost per unit to three decimal places, eg. 5.275 and final answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 (To record cost of goods sold.) Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit $ List of Accounts Assistance Used Accounts Payable Accounts Receivable Cash Cost of Goods Sold Freight In Merchandise Inventory Operating Expenses Purchase Returns and Allowances Purchases Sales Sales Returns and Allowances
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