Current Attempt in Progress In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 300 units at $2, (2) 400 units at $4, and (3) 600 units at $S. Assuming there are 200 units on hand at the end of the period. Crane uses a periodic inventory system You have the following information for Sheffield Gems. Sheffield uses the periodic method of accounting for its inventory transactions. Sheffield only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 3 5 Beginning inventory 195 diamonds at a cost of $398 per diamond. Purchased 260 diamonds at a cost of $455 each. Sold 244 diamonds for $780 each. Purchased 439 diamonds at a cost of $500 each Sold 512 diamonds for $845 each 10 25 You have the following information for Sheffield Gems. Sheffield uses the periodic method of accounting for its inventory transactions. Sheffield only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 3 5 10 25 Beginning inventory 195 diamonds at a cost of $398 per diamond. Purchased 260 diamonds at a cost of $455 each. Sold 244 diamonds for $780 each. Purchased 439 diamonds at a cost of $500 each. Sold 512 diamonds for $845 each. (b) va Assume that Shetheld uses the FIFO cost flow assumption Calculate cost of goods sold. How much gross profit would Sheffield report under this cost flow assumption Current Attempt in Progress In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 300 units at $2, (2) 400 units at $4, and (3) 600 units at $S. Assuming there are 200 units on hand at the end of the period. Crane uses a periodic inventory system You have the following information for Sheffield Gems. Sheffield uses the periodic method of accounting for its inventory transactions. Sheffield only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 3 5 Beginning inventory 195 diamonds at a cost of $398 per diamond. Purchased 260 diamonds at a cost of $455 each. Sold 244 diamonds for $780 each. Purchased 439 diamonds at a cost of $500 each Sold 512 diamonds for $845 each 10 25 You have the following information for Sheffield Gems. Sheffield uses the periodic method of accounting for its inventory transactions. Sheffield only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 3 5 10 25 Beginning inventory 195 diamonds at a cost of $398 per diamond. Purchased 260 diamonds at a cost of $455 each. Sold 244 diamonds for $780 each. Purchased 439 diamonds at a cost of $500 each. Sold 512 diamonds for $845 each. (b) va Assume that Shetheld uses the FIFO cost flow assumption Calculate cost of goods sold. How much gross profit would Sheffield report under this cost flow assumption
