Prep: 5 minutes; Cook: 15 minutes. Note: Be careful when heating sherry; it will cause the gravy to flame up.
Remove turkey trimmings (giblets, gizzard, neck, etc.). Scrape brown bits off bottom of roasting pan, and pour drippings into a medium saucepan.
Add sherry to saucepan, and cook over high heat until liquid has reduced by about half (about 5 minutes).
Combine flour and broth in small bowl, stirring with whisk; add broth mixture to pan; bring to a boil, stirring constantly. Reduce heat to medium; simmer 10 minutes, stirring frequently.
Add butter, if desired; when it melts, add salt and pepper to taste. Keep warm until ready to serve.
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