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Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system....

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Accounting

Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January 2022.
Date
Description
Quantity
Unit Cost or Selling Price
January
1
Beginning inventory
100 $22
January
5
Purchase
14225
January
8
Sale
11034
January
10
Sale return
1034
January
15
Purchase
5527
January
16
Purchase return
527
January
20
Sale
9239
January
25
Purchase
2729
(a1)
Calculate the Moving-average cost per unit at January 1,5,8,10,15,16,20, & 25.(Round moving-average cost per unit answers to 3 decimal places, e.g.)
(a2) for each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. 1) LIFO 2) FIFO 3) moving-average cost (Round average-cost per unit to 3 decimal places eg 12.502 and final answer to 0 decimal places eg 1,250.)(Only answers

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