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Sheffield Corp. uses a periodic inventory system and reports the following for the month of June. Unit Cost Total Cost Date Explanation Units June 1
Sheffield Corp. uses a periodic inventory system and reports the following for the month of June. Unit Cost Total Cost Date Explanation Units June 1 Inventory 120 $ 5 $ 600 12 Purchase 330 6 1,980 23 Purchase 220 7 1,540 30 Inventory 223 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $ $ $ Sheridan sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Sheridan's beginning inventory and purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Sheridan uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $ 98 $ 1,078 Sept. 12 Purchases 45 101 4,545 Sept. 19 Purchases 49 102 4,998 Sept. 26 Purchases 18 103 1,854 Totals 123 $ 12,475 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 $ $ $ Cost of goods sold $ $
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