Sheffield Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Sheffield uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Price Date Explanation Units Unit Cost Apr. 1 Beginning inventory 50 $ 81 6 Purchases 110 93 8 Sales $ 115 ( 130 ) 15 Purchases 120 69 20 Sales ( 120 ) 100 27 Purchases 20 58 Date Account Titles and Explanation Debit Credit April 1 4050 4050 6 8 (To record sales) 8 (To record cost of goods sold) 15 20 (To record sales) 20 (To record the inventory sold) 27