Question

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.

Answer 1