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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

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$enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 2 decimal places

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The cost of goods sold $enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 2 decimal places

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Gross profit $enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 0 decimal places

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$enter a dollar amount rounded to 2 decimal places

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