Question
Sheridan Companyhad a beginning inventory balance on July 1 of410units at a cost of $3.20each. During the month, the following inventory transactions took place: Purchases
Sheridan Companyhad a beginning inventory balance on July 1 of410units at a cost of $3.20each. During the month, the following inventory transactions took place:
Purchases
Sales
DateUnitsCost per unitDateUnits
Price per unitJuly 101,480
$3.30July 2
310$6.1013720
3.50
11
1,0406.10275903.70
28
5406.50
Calculate the cost of goods available for sale and the number of units of ending inventory.
Cost of goods available for sale
$Number of units of ending inventory
units
Sheridanuses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit.
Ending inventory
$Cost of goods sold
$Gross profit$
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