30 Sheridan Co. uses a perpetual inventory system. On May 1, beginning inventory was $350,000. During May, Sheridan purchased $122,500 of inventory and sold $248,500 of inventory. After the store closed on May 31, employees counted the inventory in the store and found that $210,000 of inventory remained unsold. What was Sheridan's inventory shrinkage? Multiple Choice $14.000 $224,000 $262,500 $161.000 M 36 199 Next

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Company just starting business made the following purchases in August: August 1 300 units $1,560 August 12 400 units 2,340 August 24 400 units 2,520 August 30 300 units 1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31? $5,670 $3,240 O $2,730 $5,160

Instructions Long Horn Music Store uses a perpetual inventory system and had the following transactions during July. 1 Sold merchandise on account for $1,475. The cost of inventory sold was $785. 4 Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account. 7 Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage value. 10 Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued. 12 Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050. 18 Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder. 24 Sold merchandise for $1,235 cash. The cost of inventory sold was $650. Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued. 29 Paid the July 4 invoice on account. Required: Record the preceding transactions in a general journal. Chart of Accounts

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Current Attempt in Progress Windsors has the following inventory data: Nov. 1 Inventory 26 units @ $5.20 each 8 Purchase 103 units @ $5.55 each 17 Purchase 52 units @ $5.40 each 25 Purchase 77 units @ $5.70 each A physical count of merchandise inventory on November 30 reveals that there are 86 units on hand. Cost of goods sold under LIFO is $488. $939. $468. $958.