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Question was previously answered but it was incorrect. Hoping to get a correct answer quickly. Thanks! You have the following information for Sheffield Inc. for
Question was previously answered but it was incorrect. Hoping to get a correct answer quickly. Thanks!
You have the following information for Sheffield Inc. for the month ended June 30, 2022. Sheffield uses a periodic inventory system. Unit Cost or Selling Price Date Quantity June 1 Description Beginning inventory Purchase 40 $32 June 4 135 35 June 10 Sale 110 62 June 11 15 62 Sale return Purchase June 18 55 38 June 18 Purchase return 10 38 June 25 Sale 65 68 June 28 Purchase 35 42 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, eg. 1,250.25 and other answers to decimal places, eg. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ 3205 $ 3735 3421.90 The cost of goods sold 5980 $ 5450 $ 5736.10 $ $ Gross profit 4330 $ 4260 $ 45733.90 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate 42 %Step by Step Solution
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