Show Attempt History Current Attempt in Progress Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug- 2 Purchases 248 $69 $17,112 248 3 Purchases 475 100 47,500 723 10 Sales (313) 410 15 Purchases 876 118 103,368 1,286 25 Sales (309) 977 (a) Your answer is correct. Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ 54512 Upoate we Cheaters (b) * Your answer is incorrect. For 15 used Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places, e.g. 1.25. Round intermediate and final answers to O decimal places, e.g. 5,125.) Cost of goods sold $ Ending inventory $ eTextbook and Media Save for Later Question Part Score 50,614 1.5/1.5 Attempts: 2 of 15 used Submit Answer 0/1.5