Sheffield Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 (a) 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sale Cost of goods sold $ Units Unit Cost/Price $5 Ending inventory $ 1,410 2,320 (2,540) 4,700 1,380 (5,790) FIFO CA 6 +A 12 7 8 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 15 Total Cost $7,050 13,920 32,900 11,040 Average Cost

Sheffield Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 (a) 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sale Cost of goods sold $ Units Unit Cost/Price $5 Ending inventory $ 1,410 2,320 (2,540) 4,700 1,380 (5,790) FIFO CA 6 +A 12 7 8 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 15 Total Cost $7,050 13,920 32,900 11,040 Average Cost

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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