Sheffield Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,480 units were on hand at the end of the month. Date June 1 12 16 23 Explanation Beginning inventory Purchases Purchases Purchases Ending inventory Units Cost of goods sold 1,550 2,170 4,920 1,380 Units Cost FIFO | $4 $ 5 $ 7 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to 0 decima places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25.) Total Cost $6,200 10,850 29,520 9,660 Average Cost

Sheffield Ltd, reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,480 units were on hand at the end of the month. Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to 0 decimo places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25.)