You are provided with the following information for Sheffield Inc. for the month ended June 30, 2020. Sheffield uses the periodic method for inventory. Date Description Quantity
Unit Cost or
Selling Price
June 1 Beginning inventory 39 $39
June 4 Purchase 136 42
June 10 Sale 108 72
June 11 Sale return 13 72
June 18 Purchase 52 44
June 18 Purchase return 8 44
June 25 Sale 62 77
June 28 Purchase 26 49
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e. g. 1,250.25 and other answers to 0 decimal places, e. g. 1,250.)
LIFO FIFO AVERAGE-COST
The ending inventory $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
The cost of goods sold $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Gross profit $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount