Can you please answer the ending inventory and the cost of goods sold for FIFO. Thank you! 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 theyear, the following purchases were made.Mar. 15450 unitsat$23Sept. 4350 units$25atJuly 20230 unitsat$24Dec. 2100 unitsat$261,100 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$31,020eTextbook and MediaAttempts: 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 unit2$23.5 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.)FIFOLIFOAVERAGE-COSTThe ending inventory242$4,490%245,170The cost of goods sold2$2426,530%2425,850

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Description: Can you please answer the ending inventory and the cost of goods sold for FIFO. Thank you! 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 theyear, the following purchases wer

Under FIFO method of inventory valuation, it is assumed that inventories purchased first are sold…

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Business

Accounting

ending inventory and the cost of goods sold for FIFO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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