The accounting records of Sheffield Corp. show the following data.

Beginning inventory		2,940 units at	$6
Purchases		7,580 units at	$8
Sales		9,477 units at	$11

Calculate average unit cost. (Round answer to 3decimal places, e.g. 5.125.)

A) Average unit cost $ ( ) per unit

Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)

B) Cost of goods sold for FIFO $ () LIFO $() average-cost$()

Answer rating: 100% (QA)

Answer A Cost of goods available for sale 2940 600 7580 800 Cost of goods avail... View the full answer