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Sheffield Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation
Sheffield Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $54 $1,620 6 Purchases 15 46 690 9 Sales (35 ) 14 Purchases 20 43 860 20 Sales (25 ) 28 Purchases 20 32 640 (a) Determine the cost of goods sold and cost of ending inventory using FIFO. Cost of Goods Sold $ Ending Inventory $
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