Business, 25.04.2020 00:33 cluchmasters3831

Sheridan Company sells one product. Presented below is information for January for Sheridan Company. Nov. 1 Inventory 290 units at $8 each 5 Purchase 170 units at $9 each 10 Sale 360 units at $17 each 15 Purchase 360 units at $8.50 each 21 Sale 410 units at $18 each 30 Purchase 340 units at $8.80 each Sheridan uses the FIFO cost flow assumption. All purchases and sales are on account.
A. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for November is 390 units.
B. Assume Sheridan uses a perpetual system. Prepare all necessary journal entries. Compute gross profit using the perpetual system.

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Sheridan Company sells one product. Presented below is information for January for Sheridan Company....

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