Question

You have the following information for Sheridan Company for the month ended October 31, 2022. Sheridan uses a periodic method for inventory.

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		55		$24
Oct. 9		Purchase		140		26
Oct. 11		Sale		90		45
Oct. 17		Purchase		90		27
Oct. 22		Sale		55		50
Oct. 25		Purchase		65		29
Oct. 29		Sale		100		50

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Gross profit		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

Answer 1

Answer :