Accounting

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. Unit Cost or Date Description Quantity Selling Price January 1 Beginning inventory 115 $18 January 5 Purchase 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\fFor 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, e.g. 12.502 and final answers to O decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $ $ Ending inventory $ $ $ Gross profit $ $ $