Sheffield Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information:

			Purchases						Cost of Goods Sold						Ending Inventory
Date			Units		Cost		Total		Units		Cost		Total		Units		Cost		Total
Oct.	2		10,500		$12		$126,000								10,500		$12		$126,000
	15		17,500		14		245,000								[1]		[2]
															[3]		[4]		[5]
	29								20,000
									[6]		[7]
									[8]		[9]		[10]		[11]		[12]		[13]

The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.

		FIFO		Average
Sales		$515,000		$515,000
Cost of goods sold
Gross profit
Operating expenses		215,000		215,000
Income before income tax
Income tax expense (30%)
Net income

(a)

Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.

			Purchases				Cost of Goods Sold				Ending Inventory
Date			Units	Cost	Total		Units	Cost	Total		Units	Cost	Total
	Oct. 2		10,500	$12	$126,000						10,500	$12	$126,000
	15		17,500	14	245,000						enter a number of units	enter a dollar amount
											enter a number of units	enter a dollar amount	$enter a total amount
	29						20,000	(total units sold)
							enter a number of units	$enter a dollar amount