You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Oct. 11 Sale Purchase Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Medial (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 3. Average-cost. (Round answers to 1 decimal place, eg. 51.2 % ) 2270 LIFO 6680 i 6095 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 32.3 $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %

You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Oct. 11 Sale Purchase Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Medial (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 3. Average-cost. (Round answers to 1 decimal place, eg. 51.2 % ) 2270 LIFO 6680 i 6095 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 32.3 $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 24,000 6,400 33.000 9,600 41,600 14,400. 20,400 9,600 16.500. Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72,00 V Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)
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