URGENT PLS

Sheffield Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January. Unit Cost or Selling Price Date Description Quantity Dec. 31 Beginning inventory 160 $20 Jan. 2 Purchase 100 23 Jan. 6 Sale 180 39 Jan. 9 Sale return 10 39 Jan. 9 Purchase 75 25 Jan. 10 Purchase return 15 25 Jan. 10 Sale 50 44 Jan. 23 Purchase 100 27 Jan. 30 Sale 120 50 Using FIFO method, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Assume sales returns had a cost of $20 and purchase returns had a cost of $25.) Cost of goods sold $ Ending Inventory $ Gross Profit $ Using Average method, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decima! places, eg. 5.252 and final answers to 2 decimal places, eg 5.25.) Cost of goods sold $ Ending Inventory $ Gross Profit $ Compare results for the two cost formulas. (1) In a period of rising costs, the average cost formula results in the cost of goods sold and (2) In period of rising costs, on the statement of financial position, FIFO gives the ending inventory (repres