Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold. Units Unit Cost Total Cost May 1 Inventory 54 $10 $540 15 Purchases 45 13 585 24 Purchases 63 14 882 Totals 162 $2,007 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $enter the ending inventory at May 31 as per FIFO amount in dollars $enter the ending inventory at May 31 as per LIFO amount in dollars $enter the ending inventory at May 31 as per Average-cost amount in dollars Cost of goods sold $enter the cost of goods sold as per FIFO amount in dollars $enter the cost of goods sold as per LIFO amount in dollars $enter the cost of goods sold as per Average-cost amount in dollars
Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold. Units Unit Cost Total Cost May 1 Inventory 54 $10 $540 15 Purchases 45 13 585 24 Purchases 63 14 882 Totals 162 $2,007 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $enter the ending inventory at May 31 as per FIFO amount in dollars $enter the ending inventory at May 31 as per LIFO amount in dollars $enter the ending inventory at May 31 as per Average-cost amount in dollars Cost of goods sold $enter the cost of goods sold as per FIFO amount in dollars $enter the cost of goods sold as per LIFO amount in dollars $enter the cost of goods sold as per Average-cost amount in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold.
Units
|
Unit Cost
|
Total Cost
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 1
|
Inventory
|
54
|
$10
|
$540
|
|||||||
15
|
Purchases
|
45
|
13
|
585
|
|||||||
24
|
Purchases
|
63
|
14
|
882
|
|||||||
Totals
|
162
|
$2,007
|
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO
|
LIFO
|
Average-cost
|
||||
---|---|---|---|---|---|---|
Ending inventory at May 31
|
$enter the ending inventory at May 31 as per FIFO amount in dollars
|
$enter the ending inventory at May 31 as per LIFO amount in dollars
|
$enter the ending inventory at May 31 as per Average-cost amount in dollars
|
|||
Cost of goods sold
|
$enter the cost of goods sold as per FIFO amount in dollars
|
$enter the cost of goods sold as per LIFO amount in dollars
|
$enter the cost of goods sold as per Average-cost amount in dollars
|
![View Policies
Current Attempt in Progress
Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold.
Unit
Units
Cost
Total Cost
May 1
Inventory
54
$10
$540
15
Purchases
45
13
585
24
Purchases
63
14
882
Totals
162
$2,007
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost
to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.)
FIFO
LIFO
Average-cost
Ending inventory at May 31
Cost of goods sold
%24
%24
%24
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fefa4cca1-81f9-4cce-bc3d-e5d7ab07e50e%2F00f63f88-2756-4568-8621-85c63acbb597%2Ffyrq8fb_processed.png&w=3840&q=75)
Transcribed Image Text:View Policies
Current Attempt in Progress
Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold.
Unit
Units
Cost
Total Cost
May 1
Inventory
54
$10
$540
15
Purchases
45
13
585
24
Purchases
63
14
882
Totals
162
$2,007
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost
to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.)
FIFO
LIFO
Average-cost
Ending inventory at May 31
Cost of goods sold
%24
%24
%24
%24
%24
%24
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