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I need help calculating LIFO,FIFO, and the moving-average. If you could please explain how you got them, I would appreciate that. Thank you Problem 6-8A
I need help calculating LIFO,FIFO, and the moving-average. If you could please explain how you got them, I would appreciate that. Thank you
Problem 6-8A (Part Level Submission) Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settied in cash. You are provided with the following information for Sheffield Corp, for the month of January 2017 ate Dec. 31 Ending inventory an. 2 Purchase Description Quantity Unit Cost or Selling Price 167 $19 21 40 23 45 24 48 106 Jan. 6 Jan. 9 Purchase Jan. 10 Sale an, 23 Purchase Jan. 30 Sale .Sale 53 102 125 Your answer is correct. Calculate average cost for each unit. Jan. 1 19 Jan. 2 19.777 Jan. 6 19.777 an. 9 21.147 Jan. 10 21.147 Jan. 23 22.494 Jan. 30 22.494 ending inventory, and (iii) gross profit. (Round answers to O decimal places, For each of the following cost flow assumptions, calculate(i) cost of good$ sold, ( e.g. 125.) (1) LIFO. (2) FIFO (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold $ Ending inventory $ Gross profitStep by Step Solution
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