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ans ques Sheffield Ine. Is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected Inventory
ans ques
Sheffield Ine. Is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected Inventory Informatlon: Purchases Cost of Goods Sold Ending Inventory bate Unlts Cost Total Units diost Total Unlts Cost Total Oct. 2 10.200 $ 122.400 10.200 $ 122.400 17 000 272,000 [3] 15 21.000 [7] [10] (11) 112) (13) The company accountant has prepared the following partlal statement of Income to help management understand the financial statement Impact of each cost determination cost formula. FIFO Average $ 566,000 $ 566.000 Cost of goods sold Gross profit Operating expenses 184.000 184.000 Income before Income tax = Income tax expense (3036) III Net Income Fill in the mlssing amounts In the perpetual Inventory schedule, assuming the use of the FIFO cost formula. Purchases Cost of Goods Sold Date Cost Total cost Total Oct. 10.200 $ 12. $ 122.400 17,000 272.000 21,000 total units sold) $
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