Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units Total Cos May 1 Inventory 29 $203 May 15 Purchase 208 May 18 May 24 Sale Purchase Total 26 (44) 41 96 Unit Cost $7 8 9 369 $780 Calculate the Cost of Goods Sold for May and the Ending Inventory (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) at May 31 using the FIFO formula.

Under FIFO Method, using perpetual inventory system, Cost of goods sold and value of ending…

Answered: Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units Total Cos May 1 Inventory 29 $203…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

inventory question

Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May.
Date
Explanation
Units
Total Cos
May 1
Inventory
29
$203
May 15
Purchase
208
May 18
May 24
Sale
Purchase
Total
26
(44)
41
96
Unit Cost
$7
8
9
369
$780
Calculate the Cost of Goods Sold
for May and the Ending Inventory
(Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
at May 31 using the FIFO formula.

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