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please help with a2 Sheffield Inc is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result
please help with a2
Sheffield Inc is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. 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 2022. Calculate the Moving-average cost per unit at January 1,5,8,10,15,16,20,&25. (Round moving-average cost pe decimal places, eg. 5.251.) 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 per unit to 3 decimal places, eg. 12.502 and final answer to 0 decimal places, eg. 1,250 .) Step by Step Solution
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