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In: Accounting

Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield uses the perpetual inventory method. Assume...

Sheffield Corp. is a retailer operating in Calgary, Alberta. Sheffield 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 for the month of January 2022.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31

Ending inventory

150 $19

Jan. 2

Purchase

100 22

Jan. 6

Sale

190 38

Jan. 9

Purchase

90 23

Jan. 10

Sale

50 46

Jan. 23

Purchase

100 24

Jan. 30

Sale

150 49

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.

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