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Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5 1,900 @ $9 March 21 5,200 $11 March 13 3,500 @ $10 March 26 1,900 @ $12 During March 11,500 units were sold. Sheffield uses a periodic inventory system. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, eg. 125.) FIFO The ending inventory $ $ The cost of goods sold $ LIFO $ $ AVERAGE-COST
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