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Sheffield Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system and on October I had 1.900 units of inventory with a total cost of $38,000. During the month of October, SL had the following inventory-related transactions: Date Oct. 9 (a) 12 17 25 28 Explanation Purchase Purchase Sale Purchase Sale Units 5,300 Cost of goods available for sale 4,000 (5.300) 4.200 (5,900) Unit Cost/Price $21.00 20.50 41.00 20.80 Determine the cost of goods available for sale for the month FIFO 41.00 Total Cost $111.300 82.000 87.360 Average Cost

Sheffield Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system and on October I had 1.900 units of inventory with a total cost of $38,000. During the month of October, SL had the following inventory-related transactions: Date Oct. 9 (a) 12 17 25 28 Explanation Purchase Purchase Sale Purchase Sale Units 5,300 Cost of goods available for sale 4,000 (5.300) 4.200 (5,900) Unit Cost/Price $21.00 20.50 41.00 20.80 Determine the cost of goods available for sale for the month FIFO 41.00 Total Cost $111.300 82.000 87.360 Average Cost

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 Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $38,000. During the month of October, SL had the following inventory-related transactions! Date Oct. 9 (a) 12 17 25 28 Explanation Purchase Purchase Sale Purchase Sale Units 5,300 4,000 (5,300) 4,200 (5,900) Cost of goods available for sale Unit Cost/Price $21.00 20.50 Determine the cost of goods available for sale for the month FIFO 41:00 20.80 41.00 Total Cost $111.300 82.000 87.360 Average Cost
Transcribed Image Text:Sheffield Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $38,000. During the month of October, SL had the following inventory-related transactions! Date Oct. 9 (a) 12 17 25 28 Explanation Purchase Purchase Sale Purchase Sale Units 5,300 4,000 (5,300) 4,200 (5,900) Cost of goods available for sale Unit Cost/Price $21.00 20.50 Determine the cost of goods available for sale for the month FIFO 41:00 20.80 41.00 Total Cost $111.300 82.000 87.360 Average Cost
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