Sheffield-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system....
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Accounting
Sheffield-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products:
| Purchases | Sales | |||||||||
| Date | Units | Unit Cost | Units | Unit Price | ||||||
| May | 1 | 120 | $100 | |||||||
| 3 | 80 | $257 | ||||||||
| 8 | 100 | 110 | ||||||||
| 13 | 80 | 283 | ||||||||
| 15 | 60 | 115 | ||||||||
| 20 | 60 | 306 | ||||||||
| 27 | 40 | 331 | ||||||||
(a)
Partially correct answer iconYour answer is partially correct.
Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.)
| FIFO | Average | ||||
| Cost of Goods Sold | $ | $ | |||
| Ending Inventory |
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