ending inventory and the cost of goods sold for FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you please answer the ending inventory and the cost of goods sold for FIFO. Thank you!

Transcribed Image Text:Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
$25
at
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory system.
(a)
Your answer is correct.
Determine the cost of goods available for sale.
The cost of goods available for sale
$
31,020
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Attempts: 1 of 3 used
(b1)
Your answer is correct.
Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.)
Average cost per unit
2$
23.5

Transcribed Image Text:Your answer is partially correct.
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO,
and average-cost). (Round answers to 0 decimal places, e.g. 1,250.)
FIFO
LIFO
AVERAGE-COST
The ending inventory
24
2$
4,490
%24
5,170
The cost of goods sold
2$
24
26,530
%24
25,850
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