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Calculate the Moving-average cost per unit at January

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Reference no: EM133001428

Problem - Sheridan Inc. is a retailer operating in British Columbia. Sheridan uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheridan Inc. for the month of January 2020.

Date

Description

Quantity

Unit Cost or Selling Price

January 1

Beginning inventory

100

$17

January 5

Purchase

147

20

January 8

Sale

114

30

January 10

Sale return

10

30

January 15

Purchase

55

22

January 16

Purchase return

5

22

January 20

Sale

93

34

January 25

Purchase

22

24

Required - Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25.

Reference no: EM133001428

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