### Inventory Information for Sheffield Corp.**Inventory details for Part 311 for the month of June:**- **June 1** - Balance: 302 units @ $15- **June 10** - Sold: 197 units @ $36- **June 11** - Purchased: 795 units @ $18- **June 15** - Sold: 499 units @ $38- **June 20** - Purchased: 499 units @ $20- **June 27** - Sold: 296 units @ $41---### (a) Inventory ComputationAssuming the periodic inventory method is used, calculate the cost of goods sold and ending inventory under:1. **LIFO (Last In, First Out)** - Cost of goods sold: $______ - Ending inventory: $______2. **FIFO (First In, First Out)** - Cost of goods sold: $______ - Ending inventory: $______For educational purposes, students should analyze how different inventory costing methods impact both the cost of goods sold and ending inventory values.

Name: ### Inventory Information for Sheffield Corp.**Inventory details for
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Description: ### Inventory Information for Sheffield Corp.**Inventory details for Part 311 for the month of June:**- **June 1** - Balance: 302 units @ $15- **June 10** - Sold: 197 units @ $36- **June 11** - Purchased: 795 units @ $18- **June 15** - Sold:

Inventory can be valued using various methods -First-in First-Out Method - Under the First-in First-Out Method company uses inventory in the production or to sell which is purchased first.Last-In First-Out Method - Under the Last-In First-Out Method Company uses inventory in the production or to sell items that are purchased last.1. Ending Inventory and Cost of Goods Sold - Working - a. FIFO Method - b. LIFO Method -

Business

Accounting

Inventory information for Part 311 of Sheffield Corp. discloses the following information for the month of June. June 1 (a) 11 20 302 units @ $15 Purchased 795 units @ $18 Purchased 499 units @ $20 Balance Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 27 $ Sold Sold 499 units @ $38 Sold 296 units @ $41 197 units @ $36 $ (2) FIFO

Inventory information for Part 311 of Sheffield Corp. discloses the following information for the month of June. June 1 (a) 11 20 302 units @ $15 Purchased 795 units @ $18 Purchased 499 units @ $20 Balance Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 27 $ Sold Sold 499 units @ $38 Sold 296 units @ $41 197 units @ $36 $ (2) 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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