Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system....
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Accounting
Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month of January
Date
Description
Quantity
Unit Cost or Selling Price
January
Beginning inventory
$
January
Purchase
January
Sale
January
Sale return
January
Purchase
January
Purchase return
January
Sale
January
Purchase
a for each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. LIFO FIFO movingaverage cost Round averagecost per unit to decimal places eg and final answer to decimal places eg
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