Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All...

  

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Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: 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 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $17 January 5 Purchase 147 20 January 8 Sale 114 30 January 10 Sale return 10 30 January 15 Purchase 55 22 January 16 Purchase return 22 34 January 20 Sale 93 January 25 Purchase 22 24 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, eg. 12.502 and final answer to 0 decimal places, eg. 1.250) Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: 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 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $17 January 5 Purchase 147 20 January 8 Sale 114 30 January 10 Sale return 10 30 January 15 Purchase 55 22 January 16 Purchase return 22 34 January 20 Sale 93 January 25 Purchase 22 24 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, eg. 12.502 and final answer to 0 decimal places, eg. 1.250)

Answer rating: 100% (QA)

LIFO Qly Cost per unit Total Cost Jan01 Beginning Inventory Jan05 ... View the full answer