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Sheridan Company uses a perpetual inventory system. The following information is available for November: Assume all sales and purchases are on credit. Prepare journal entries

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Sheridan Company uses a perpetual inventory system. The following information is available for November: Assume all sales and purchases are on credit. Prepare journal entries to record the November 4 purchase and the November 12 sale using FIFO. (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 O for the amounts.) Prepare journal entries to record the November 4 purchase and the November 12 sale using weighted average. (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 0 for the amounts. Round the average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, e.g. 5,275.)

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