$*(4,400$ x $\backslash$$$0\mathrm{.}60)$

The following transactions occurred during December:

Dec. $3$ Purchased $4,600$ units of inventory on account at a cost of $\backslash (\backslash$$ $0\mathrm{.}74\backslash )$ per unit.

$5$ Sold $5,000$ units of inventory on account for $\backslash (\backslash$$ $0\mathrm{.}90\backslash )$ per unit. $($Sheffield sold $4,400$ of the $\backslash (\backslash$$ $0\mathrm{.}60\backslash )$ units and $600$ of the $\backslash$$$0\mathrm{.}74.)$

$7$ Granted the December $5$ customer $\backslash (\backslash$$ $168\backslash )$ credit for $200$ units of inventory returned costing $\backslash (\backslash$$ $112\backslash ).$ These units were returned to inventory.

$17$ Purchased $2,200$ units of inventory for cash at $\backslash$$$0\mathrm{.}80$ each.

$22$ Sold $3,500$ units of inventory on account for $\backslash (\backslash$$ $0\mathrm{.}95\backslash )$ per unit. $($Sheffield sold $3,500$ of the $\backslash (\backslash$$ $0\mathrm{.}74\backslash )$ units.$)$

Adjustment data:

$1.$ Recognized accrued salaries payable $\backslash (\backslash$$ $700\backslash ).$

$2.$ Recognized depreciation $\backslash (\backslash$$ $200\backslash )$ per month. Prepare a classified balance sheet at December $31,2027.($List Current Assets in order of liquidity.$)$

SHEFFIELD COMPANY

Balance Sheet

Assets

$\backslash (\backslash$square $\backslash )$ X Your answer is incorrect.

Compute ending inventory and cost of goods sold under FIFO, assuming Sheffield Company uses the periodic inventory system.

Ending Inventory

Cost of Goods Sold

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eTextbook and Media

List of Accounts

Attempts: $2$ of $5$ used

$($f$).$

Compute ending inventory and cost of goods sold under LIFO, assuming Sheffield Company uses the periodic inventory system.

Ending Inventory

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Cost of Goods Sold

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eTextbook and Media