Question

Problem 6-05A a1-a3 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 the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ enter weighted-average cost per unit in dollars Show List of Accounts Link to Text Link to Video 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 Show List of Accounts Link to Text Link to Video Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate enter a gross profit rate in percentages rounded to 1 decimal place % enter a gross profit rate in percentages rounded to 1 decimal place % enter a gross profit rate in percentages rounded to 1 decimal place % Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Link to Text Link to Video

Answer 1

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