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Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January 2022. Date (a1) January 1 Beginning inventory January 5 Purchase January 8 January 10 January 15 Purchase January 16 Purchase return January 20 Sale January 25 January 1 January 5 January 8 Sale January 10 $ Description Sale return $ $ Moving-Average Cost per unit $ Purchase Quantity 100 142 110 10 55 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.) 5 92 27 Unit Cost or Selling Price $22 25 34 34 27 27 39 29

Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January 2022. Date (a1) January 1 Beginning inventory January 5 Purchase January 8 January 10 January 15 Purchase January 16 Purchase return January 20 Sale January 25 January 1 January 5 January 8 Sale January 10 $ Description Sale return $ $ Moving-Average Cost per unit $ Purchase Quantity 100 142 110 10 55 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.) 5 92 27 Unit Cost or Selling Price $22 25 34 34 27 27 39 29

FINANCIAL ACCOUNTING
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 Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January 2022. Date (a1) January 1 Beginning inventory January 5 Purchase January 8 Sale January 10 Sale return January 15 January 16 January 20 Sale January 25 Purchase January 1 January 5 January 8 January 10 January 15 January 16 January 20 $ $ $ $ $ $ Description $ January 25 $ Purchase Purchase return Quantity Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit 100 142 110 10 55 5 92 27 Unit Cost or Selling Price $22 25 34 34 27 27 39 29
Transcribed Image Text:Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January 2022. Date (a1) January 1 Beginning inventory January 5 Purchase January 8 Sale January 10 Sale return January 15 January 16 January 20 Sale January 25 Purchase January 1 January 5 January 8 January 10 January 15 January 16 January 20 $ $ $ $ $ $ Description $ January 25 $ Purchase Purchase return Quantity Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round intermediate calculations to 0 decimal places and final answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit 100 142 110 10 55 5 92 27 Unit Cost or Selling Price $22 25 34 34 27 27 39 29
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