Sheridan Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 487 units that cost $64 each. During the month, the company made two purchases: 720 units at $67 each and 361 units at $69 each. Sheridan Company also sold 1206 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month? O $81149. O $77184. O $80235. O $79341.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Sheridan Company uses the periodicinventory system. For the current month, the beginning inventory consisted of 487 units that cost
$64 each. During the month, the company made two purchases: 720 units at $67 each and 361 units at $69 each. Sheridan Company
also sold 1206 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month?
O $81149.
O $77184.
O $80235.
O $79341.
Transcribed Image Text:Sheridan Company uses the periodicinventory system. For the current month, the beginning inventory consisted of 487 units that cost $64 each. During the month, the company made two purchases: 720 units at $67 each and 361 units at $69 each. Sheridan Company also sold 1206 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month? O $81149. O $77184. O $80235. O $79341.
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