I need help understanding the process. Sheffield Corp. is a retailer operating in...
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Accounting
I need help understanding the process.
Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Corp. for the month of January 2017. Date Quantity Unit Cost or Selling Price $19 Dec. 31 167 Jan. 2 106 21 Jan. 6 Description Ending inventory Purchase Sale Purchase Sale Purchase 177 40 71 23 Jan. 9 Jan. 10 53 45 Jan. 23 102 24 Jan. 30 Sale 125 48 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 $ Jan. 2 $ $ Jan. 6 $ Jan. 9 $ Jan. 10 $ Jan. 23 $ Jan. 30 $ For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to decimal places, e.g. 125.) (1) (2) (3) LIFO. FIFO. Moving average LIFO FIFO Moving average $ Cost of goods sold $ $ TA $ Ending inventory $ $ $ $ Gross profit $ $ $
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