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The following information relates to Sheridan Ltd.'s inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 3,680 $12.00 $44,160 4
The following information relates to Sheridan Ltd.'s inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 3,680 $12.00 $44,160 4 Purchase 5,520 $12.50 69,000 8 Sale 5,520 14 Sale 1,380 22 Purchase 4,600 $12.75 58,650 28 Sale 3,220 All of the units sold were priced at $20 per unit. (a2) Sheridan Ltd. uses the perpetual inventory system. Calculate Sheridan' cost of goods sold, gross margin, and ending inventory for the month of July using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin $ Ending inventory $
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