Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You are given the following information for Sheridan Company for the month ended November 30, 2021: Date Description Nov. 1 Beginning inventory 9 Purchase 15
You are given the following information for Sheridan Company for the month ended November 30, 2021: Date Description Nov. 1 Beginning inventory 9 Purchase 15 Sale 22 Purchase 29 Sale 30 Purchase Units Unit Price 60 $48 110 45 (120) 155 43 (170) 48 42 Sheridan Company uses a perpetual inventory system. All sales and purchases are on account. X Your answer is incorrect. Calculate the cost of goods sold and the ending inventory using weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e g. 5,275.75.) Cost of goods sold $ 12990 Ending inventory $ 3521 Your answer is partially correct. Assume the sales price was $73 per unit for the goods sold on November 15. Prepare the journal entry to record the November 15 sale. (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. Round the average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 5,275.75) Date Account Titles and Explanation Debit Credit Nov. 15 Accounts Receivable 4950 Sales 4950 (To record sales on account.) Nov. 15 Cost of Goods Sold 4950 Merchandise Inventory 4950 (To record cost of goods sold.)
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