Question 2

Sheffield Corporation uses a perpetual inventory system. On November 19, the company sold 630 units. The following additional information is available:

		Units			Unit Cost			Total Cost
Nov. 1 inventory		280			$13			$3,640
Nov. 15 purchase		440			14			6,160
Nov. 23 purchase		400			17			6,800
		1,120						$16,600

Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5,275.)

Cost of Goods Sold		$
Ending Inventory		$

Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.

Cost of Goods Sold		$
Ending Inventory		$