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You have the following information for Sheffield Inc. for the month ended June 30, 2022 Sheffield uses a periodic inventory system Date Aune 1 Aine Description Beginning inventory urchase Quantity 40 Unit Cost of Selling Price $54

You have the following information for Sheffield Inc. for the month ended June 30, 2022 Sheffield uses a periodic inventory system Date Aune 1 Aine Description Beginning inventory urchase Quantity 40 Unit Cost of Selling Price $54

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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You have the following information for Sheffield Inc. for the month ended June 30, 2022. Sheffield uses a periodic inventory system Date June 1 June 4 Aune 10 June 11 June 18 June 18 June 25 June Description Beginning inventory Purchase 28 Purchase Sale Sale return The ending inventory Purchase Purchase return Sale eTextbook and Media The cost of goods sold Gross profit Quantity Textbook and Media 40 LIFO 135 110 15 55 Calculate cost per unit. (Round answer to 2 decimal places, eg. 3.25.) Weighted average cost per unit 5 10 65 35 Unit Cost or Selling Price Calculate ending inventory, cost of goods sold, gross proft under each of the following methods. (1) LIFO (2) FIFO (3) Average-cost (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to 0 decimal places, e.g. 1.250.) $54 57 I 8 8 8 % I FIFO AVERAGE-COST
Transcribed Image Text:You have the following information for Sheffield Inc. for the month ended June 30, 2022. Sheffield uses a periodic inventory system Date June 1 June 4 Aune 10 June 11 June 18 June 18 June 25 June Description Beginning inventory Purchase 28 Purchase Sale Sale return The ending inventory Purchase Purchase return Sale eTextbook and Media The cost of goods sold Gross profit Quantity Textbook and Media 40 LIFO 135 110 15 55 Calculate cost per unit. (Round answer to 2 decimal places, eg. 3.25.) Weighted average cost per unit 5 10 65 35 Unit Cost or Selling Price Calculate ending inventory, cost of goods sold, gross proft under each of the following methods. (1) LIFO (2) FIFO (3) Average-cost (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to 0 decimal places, e.g. 1.250.) $54 57 I 8 8 8 % I FIFO AVERAGE-COST
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