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a2) For each of the following assumptions, calculate cost of goods sold, ending inventory, & gross profit. (1) LIFO (2) FIFO (3) Moving-average cost. (Rounds
a2) For each of the following assumptions, calculate cost of goods sold, ending inventory, & gross profit. (1) LIFO (2) FIFO (3) Moving-average cost. (Rounds average-cost per unit 3 decimal palces)
Sheffield Inc. is a retailer operating in British Columbia. Sheffield 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 Sheffield Inc. for the month of January 2020 Date Quantity Unit Cost or Selling Price January 1 $18 Description Beginning inventory Purchase 115 January 5 161 21 January 8 Sale 127 31 January 10 Sale return 12 31 January 15 Purchase 63 23 January 16 Purchase return 6 23 January 20 Sale 104 35 January 25 Purchase 23 25 Calculate the Moving average cost per unit at January 1, 5, 8, 10, 15, 16, 20,& 25. (Round answers to 3 decimal places, eg. 5.252.) Moving-Average Cost per unit 18.00 January 1 $ 19.75 January 5 19.75 January 8 19.75 January 10 20.664 January 15 January 16 20.60 LA $ 20.60 January 20 $ 21.34 January 25 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, eg, 12.502 and final answers to decimal places, e.g. 1,250.) LIFO FIFO Moving average $ Cost of goods sold $ Ending inventory $ $ $ Gross proft Step by Step Solution
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