Question
You are provided with the following information for Sheridan Inc. for the month ended June 30, 2020. Sheridan uses the periodic method for inventory. Unit
You are provided with the following information for Sheridan Inc. for the month ended June 30, 2020. Sheridan uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 44 $40 June 4 Purchase 135 44 June 10 Sale 112 72 June 11 Sale return 17 72 June 18 Purchase 54 45 June 18 Purchase return 12 45 June 25 Sale 65 76 June 28 Purchase 26 50 (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO The ending inventory $ 5412 $ +A The cost of goods sold $ 5478 $ Gross profit $ 6368 +A $ FIFO A AA AA AVERAGE-COST
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