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Sheffield Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 157 tents. This consists of 49

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Sheffield Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 157 tents. This consists of 49 tents purchased in February at a cost of $214 each and 108 tents purchased in March at a cost of $226 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 75 $383 10 201 $278 17 248 304 289 30 197 383 383 24 (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO, Cost of goods sold Cost of the ending Inventory

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