Sheridan Inc. is a retailer operating in Calgary, Alberta. Sheridan uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan for the month of January 2025.
| Date | Description | Quantity | Unit Cost or Selling Price |
|------|------------------|----------|----------------------------|
| Dec. 31 | Ending inventory | 175 | $20 |
| Jan. 2 | Purchase | 105 | $28 |
| Jan. 6 | Sale | 193 | $44 |
| Jan. 9 | Purchase | 58 | $25 |
| Jan. 10 | Sale | 50 | $41 |
| Jan. 23 | Purchase | 105 | $27 |
| Jan. 30 | Sale | 125 | $46 |
(a1) Question Part Score 2.01/2.01
(a2) Your answer is partially correct
For each of the following cost flow assumptions, calculate i) cost of goods sold, ii) ending inventory, and iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)
1. LIFO
2. FIFO
3. Moving-average
| | LIFO | FIFO | Moving-average |
|---------|------|------|-----------------|
| Cost of goods sold | 9225 | 8700 | - |
| Ending inventory | 1500 | 2025 | - |
| Gross profit | 7067 | 7592 | - |