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Sheffield Ltd. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 224 5 1,120 June 12
Sheffield Ltd. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 224 5 1,120 June 12 Purchase 336 6 2,016 June 23 Purchase 550 7 3,850 June 30 Inventory 201 Calculate the cost of the ending inventory and the cost of goods sold for FIFO, using a perpetual inventory system. Assume a sale of 440 units occurred on June 15 for a selling price of 8 and a sale of 469 units on June 27 for 9. (Round answers to O decimal places, e.g. 2,120.) The cost ending inventory The cost of goods sold FIFO
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