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You are provided with the following information for Sheffield Inc. for the month ended June 30, 2020. Sheffield uses the periodic method for inventory. Date

You are provided with the following information for Sheffield Inc. for the month ended June 30, 2020. Sheffield uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or Selling Price

June 1 Beginning inventory 39 $39
June 4 Purchase 136 42
June 10 Sale 108 72
June 11 Sale return 13 72
June 18 Purchase 52 44
June 18 Purchase return 8 44
June 25 Sale 62 77
June 28 Purchase 26 49

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

LIFO

FIFO

AVERAGE-COST

The ending inventory

$Enter a dollar amount

$Enter a dollar amount

$Enter a dollar amount

The cost of goods sold

$Enter a dollar amount

$Enter a dollar amount

$Enter a dollar amount

Gross profit

$Enter a dollar amount

$Enter a dollar amount

$Enter a dollar amount

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