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 at $25 July 20 230 units at $24 Dec. 2 100 units at $26 1,100 units were sold. Sheffield Company uses a periodic inventory system.
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 at $25 July 20 230 units at $24 Dec. 2 100 units at $26 1,100 units were sold. Sheffield Company uses a periodic inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![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
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory system.
Your answer is correct.
Determine the cost of goods available for sale.
The cost of goods available for sale
24
31,020
eTextbook and Media
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
$.
23.5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb4f6ab2-919c-4d30-8d11-c7ca184fcead%2Fdc4d0461-e074-4bab-b1f0-518c78befc4c%2Fh6jb16_processed.jpeg&w=3840&q=75)
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
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory system.
Your answer is correct.
Determine the cost of goods available for sale.
The cost of goods available for sale
24
31,020
eTextbook and Media
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
$.
23.5
![(b2)
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
$4
$4
$4
The cost of goods sold
$4
2$
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb4f6ab2-919c-4d30-8d11-c7ca184fcead%2Fdc4d0461-e074-4bab-b1f0-518c78befc4c%2Ffylwi8i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(b2)
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
$4
$4
$4
The cost of goods sold
$4
2$
%24
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