Sheffield Company is a multiproduct firm. Presented below is information concerning one of its products,...
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Sheffield Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2/4 Purchase Quantity Price/Cost 2,700 $17 3,700 26 4,200 43 4,700 33 3,900 47 2/20 Sale 4/2 Purchase 11/4 Sale (a) Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ 26.7748 (b) Your answer is partially correct. Compute cost of goods sold, assuming Sheffield uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ 198200 (b) Perpetual system, FIFO cost flow $ 198200 (c) Periodic system, LIFO cost flow $ 243500 (d) Perpetual system, LIFO cost flow $ 243500 (e) Periodic system, weighted average cost flow $ 216876 (f) Perpetual system, moving average cost flow $ 216876
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