Sheffield Company sells many products. Gizmo is one of its popular items. Below is an...
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Accounting
Sheffield Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Sheffield Company uses the periodic inventory system.
Purchases
Sales
Units
Unit Cost
Units
Selling Price/Unit
3/1
Beginning inventory
114
$ 40
3/3
Purchase
65
$ 50
3/4
Sales
65
$ 90
3/10
Purchase
228
$ 55
3/16
Sales
73
$ 100
3/19
Sales
106
$ 100
3/25
Sales
65
$ 100
3/30
Purchase
49
$ 60
(a)
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold
$
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