Question

# You are provided with the following information for Sheffield Inc. for the month ended June 30,...

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 39 \$39 136 42 108 72 13 72 52 44 8 44 62 77 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 \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount \$Enter a dollar amount

Total Purchases

Date

Description

Quantity

Unit Cost or
Selling Price

Total cost
June 1 Beginning inventory 39 \$39 1521
June 4 Purchase 136 42 5712
June 18 Purchase 44 44 1936
June 28 Purchase 26 49 1274
245 10443

Total Sales

Date

Description

Quantity

Unit Cost or
Selling Price

Total cost
June 10 Sale 95 72 6840
June 25 Sale 62 77 4774
157 11709

Ending inventory = 245 - 157 = 88 units

 FIFO LIFO Average cost Ending inventory 3966 1274 + 1936 + (18*42) 3579 1521 + (49*42) 3751 (10443 / 245) * 88 Cost of goods sold 6477 1521 + (118*42) 6864 1274 + 1936 + (87*42) 6692 (10443 / 245) * 157 Gross profit 5232 11709 - 6477 4845 11709 - 6864 5017 11709 - 6692

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