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Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual inventory system. The inventory...

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Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations Date Explanation Units Unit Cost Total Cost Balance in Units 248 723 410 1,286 977 248 475 (313) 876 (309) $69 $17,112 100 Aug. 2 Purchases 47,500 3 Purchases 10 Sales 15 Purchases 25 Sales 118 103,368 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method Cost of goods sold Ending inventory

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