Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual in

Question

Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units 248 723 410 1,286 977 248 475 (313) 876 (309) $69$17,112 100 Aug, 2 Purchases 47,500 3 Purchases 10 Sales 15 Purchases 25 Sales 118103,368 (b) Calculate the cost of goods sold and ending inventory using the average cost method. Round final answers to 2 decimal places, e.g. 1.25.) Cost of goods sold Ending inventory LINK TO TEXT Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Cost of Good Sold      61,613 Ending Inventory 1,06,367 Average Cost Date Description Quantity Unit cost total Cost Sold Quantity COGS Unit cost Cost of goods sold Ending Inventory Unit cost Inventory cost Aug. 2 Purchases 248 69.00      17,112 248 69.00       17,112 Aug. 3 Purchases 475 100.00      47,500 723 89.37       64,612 Aug. 10 Sales 313 89.37       27,972 410 89.37       36,640 Jan. 15 Purchases 876 118.00 1,03,368 1286 108.87    1,40,008 Jan. 25 Sales 309 108.87       33,641 977 108.87    1,06,367 Total            622 99.06       61,613

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