Accounting You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,300 liters at a cost of 77¢ per liter. March 30 Sold 5,200 liters for $1.25 per liter. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. (ii) (2) FIFO (3) LIFO SHEFFIELDINC. Income Statement (partial) choose the accounting period Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022 For the SHEFFIELDINC. Income Statement (partial) Specific Identification FIFO LIF Endiru inventury eTextbook and Media > > > >
Accounting You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,300 liters at a cost of 77¢ per liter. March 30 Sold 5,200 liters for $1.25 per liter. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. (ii) (2) FIFO (3) LIFO SHEFFIELDINC. Income Statement (partial) choose the accounting period Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022 For the SHEFFIELDINC. Income Statement (partial) Specific Identification FIFO LIF Endiru inventury eTextbook and Media > > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounting
You have the following information for Sheffield Inc. Sheffield Inc. uses the
periodic method of accounting for its inventory transactions.
March
1
Beginning inventory 2,000 liters at a cost of 60¢ per liter.
March
3
Purchased 2,500 liters at a cost of 62¢ per liter.
March
5
Sold 2,300 liters for $1.05 per liter.
March
10
Purchased 4,000 liters at a cost of 69¢ per liter.
March
20
Purchased 2,300 liters at a cost of 77¢ per liter.
March
30
Sold 5,200 liters for $1.25 per liter.
Prepare partial income statements for 2022 through gross profit, under each of
the following cost flow assumptions. (Round answers to 2 decimal places, e.g.
125.25.)
(1) Specific
identification
method
assuming:
(i)
The March 5 sale consisted of 1,000 liters from
the March 1 beginning inventory and 1,300 liters
from the March 3 purchase; and
The March 30 sale consisted of the following
number of units sold from beginning inventory
and each purchase: 450 liters from March 1; 550
liters from March 3; 2,900 liters from March 10;
1,300 liters from March 20.
(ii)
(2) FIFO
(3) LIFO
SHEFFIELDINC.
Income Statement (partial)
choose the accounting period
Month Ended December 31, 2022For the Year Ended December 31,
2022December 31, 2022
For the
SHEFFIELDINC..
Income Statement (partial)
Specific Identification
FIFO
LIF
Erdirg inventury
eTextbook and Media
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