LINK TO TEXT Attempts: 2 of 5 used (a2) * Your answer is incorrect. Try again. 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 places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $: x Ending inventory Gross profit Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 1 of 5 used SAVE FOR US Medyqandte Accounting Principles, 13e CALCULATOR PRINTER VERSION BACK ES it Problem 6-08A al-a2 (Part Level Submission) 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. 5 Date Quantity Unit Cost or Selling Price $19 1 100 Description Beginning inventory Purchase Sale 5 140 22 8 113 30 10 10 30 =b January January January January January January January January 15 Sale return Purchase Purchase return 55 24 16 5 24 Sale 87 36 dy 20 25 Purchase 24 26 v (al) Your answer is correct. Calculate the Moving average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit January 1 19 January 5 20.75 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit January 1 19 $ January 5 20.75 January 8 20.75 $ January 10 20.75 S January 15 21.68 $ January 16 21.619 January 20 21.619 January 25 22.468 $ Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW