Question
You are provided with the following information for Sheffield Inc. for the month ended June 30, 2019. Sheffield uses the periodic inventory system for inventory.
You are provided with the following information for Sheffield Inc. for the month ended June 30, 2019. Sheffield uses the periodic inventory system for inventory.
Date - Description - Quantity - Unit Cost or Selling Price
June 1 - Beginning Inventory - 43 x $41
June 4 - Purchase - 137 x $45
June 10 - Sale - 108 x $68
June 11 - Sale Return - 18 x $68
June 18 - Purchase - 53 x $47
June 25 - Sale - 66 x $73
June 28 - Purchase - 33 x $51
Calculate Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under the FIFO, LIFO, and Average Cost Methods. Show all work. Thanks!
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Alpine Cupcakes Audit Case With Data Analytics
Authors: Carol Callaway Dee, Mary P.Mindak
2nd Edition
1618533231, 978-1618533234
