Sheridan Inc. is a retailer operating in Centralia. Sheridan uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory (Assume that the inventory is not damaged.) Assume that there are no credit transactions: all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2017 Date Unit Cost or Quantity Selling Price 224 $12 192 13 Description Ending inventory Purchase Dec 31 Jan. 2 Jan. 6 Sale 240 33 Jan. 9 Purchase 136 14 Jan. 10 Sale 112 38 Jan. 23 Purchase 160 18 Jan. 30 Sale 176 44 (a) For each of the following cost flow assumptions, calculate (1) cost of goods sold, (i) ending inventory, and (iii) gross profit. (1) FIFO. (2) FIFO. (3) Moving-average. (Round average cost per unit to 3 decimal places, eg. 1.286 and final answers to decimal places, eg. 5,125.) LIFO FIFO Moving-average Cost of goods sold $ $ $ Ending inventory $ $ $ Gross profit $ $ $ The following is a record of Bramble Company's transactions for the month of May 2017 May 1 May 10 Balance 440 units @ $18 Purchase 660 units @ $24 Sele 350 units @ $38 Sele 590 units @ $38 12 20 Compute the ending inventory under the perpetual system using FIFO and LIFO. FIFO LIFO $ $ Ending inventory eTextbook and Media Assistance Used Save for Later Attempts: 0 of 3 used Submit Answer Current Attempt in Progress The following is a record of Sage Company's transactions for the month of May 2017 May 1 May 10 Balance 420 units @ $19 Purchase 590 units @ $24 Sale 330 units @ $36 Sale 530 units @ $36 12 20 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, eg. 1.286 and final answer to decimal places, eg. 5,125.) $ Ending inventory Waterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price 54 $9 May 7 July 28 29 13 On June 1, Waterway sold 24 units, and on August 27.41 more units. (a) Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Cost of Goods Sold Date Purchases Balance May 7 $ 486 $ $ 486 June 1 $ 1 $ 240 $ 246 July 28 $ 377 $ 623 Aug 27 $ $ $ $