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Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are
Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield for the month of January 2022 Date Description Quantity Unit Cost or Selling Price Dec 31 150 $19 Ending inventory Purchase Jan. 2 100 22 Jan. 6 Sale 190 38 Jan. 9 Purchase 90 23 Jan 10 Sale 50 46 Jan 23 Purchase 100 24 Jan. 30 Sale 150 49 uestion 10 of 14 0.8/18 Tour answer For each of the following cost flow assumptions, calculate (1) cost of goods sold, (i) ending inventory, and (iii) gross profit. (RE answers to 0 decimal places, eg. 125.) (1) LIFO (2) FIFO (3) Moving-average LIFO FIFO Moving average Cost of goods sold $ 8320 $ 8570 8438 Ending inventory $ 8320 $ 8570 $ 8438 Gross profit 8550 $ 8300 $ 8432 e Textbook and Media List of Accounts
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