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 CostMay 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-costEnding 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 PoliciesCurrent Attempt in ProgressSheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold.UnitUnitsCostTotal CostMay 1Inventory54$10$54015Purchases451358524Purchases6314882Totals162$2,007Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit costto 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.)FIFOLIFOAverage-costEnding inventory at May 31Cost of goods sold%24%24%24%24%24%24

Name: Sheffield Corp. uses a periodic inventory system. Its records show the
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Description: 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 CostMay 1 Inventory 54 $10 $540 15 Purchases 45 13 585 24 Purchases 63 14 882 Totals

FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Answered: Sheffield Corp. uses a periodic…

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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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

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