Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sheridan Company uses a perpetual inventory system. The company began 2021 with 900 lamps in inventory at a cost of $13 per unit. During
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 1,800 units @$19 per unit April 24 Sold 2.250 units @ $31 per unit June 6 Purchased 3.150 units @$24 per unit October 18 Sold 1,800 units @ $34 per unit December 4 Purchased 1,260 units @ $27 per unit 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 O decimal places, eg. 5.275)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started