Question
PLEASE SOLVE THIS FOR ME CORRECTLY You are provided with the following information for Sheffield Inc. for the month ended June 30, 2019. Sheffield uses
PLEASE SOLVE THIS FOR ME CORRECTLY
You are provided with the following information for Sheffield Inc. for the month ended June 30, 2019. Sheffield uses the periodic system for inventory.
Date | Description | Quantity | Unit Cost or Selling Price | |||||
---|---|---|---|---|---|---|---|---|
June | 1 | Beginning inventory | 43 | $41 | ||||
June | 4 | Purchase | 137 | 45 | ||||
June | 10 | Sale | 108 | 68 | ||||
June | 11 | Sale return | 18 | 68 | ||||
June | 18 | Purchase | 53 | 47 | ||||
June | 18 | Purchase return | 10 | 47 | ||||
June | 25 | Sale | 66 | 73 | ||||
June | 28 | Purchase | 33 | 51 |
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 2 decimal places | |||
The cost of goods sold | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 2 decimal places | |||
Gross profit | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 2 decimal places |
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