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Sheridan Supply performed the following transactions during the month of April 2018. Assume that Sheridan Supply uses a perpetual inventory. Sheridan Supply Inventory Transactions April
Sheridan Supply performed the following transactions during the month of April 2018. Assume that Sheridan Supply uses a perpetual inventory. Sheridan Supply Inventory Transactions April 2018 Date Transaction Units 4/1 Beginning inventory 600 4/10 Sold units 400 4/11 Purchased units 1,600 4/15 Sold units 1,000 4/20 Purchased units 1,000 4/27 Sold units 600 Each unit $ 5.00 $ 12.00 $ 6.00 $ 12.50 $ 6.50 $ 13.50 Calculate the cost of goods sold, ending inventory, and gross profit for each of the following: 1. Using the First-in, First-out (FIFO) costing method 2. Using the Last-in, First-out (LIFO) costing method 3. Using the weighted-average costing method
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