Reference no: EM132487618
Sheridan Company reports the following for the month of June.
Date Explanation Units Unit Cost Total Cost
June 1 Inventory 260 $6 $1,56012
Purchase 520 7 3,64023
Purchase 390 8 3,12030
Inventory 130
Assume a sale of 572 units occurred on June 15 for a selling price of $9 and a sale of 468 units on June 27 for $10.
Question 1: Calculate cost of goods available for sale.
Question 2: Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)
Question 3: Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,252.)
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