correct ans

Sheffield Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Purchases Cost of Goods Sold Ending Inventory Date Units Cost Total Units Cost Total Units Cost Total Oct. 2 10,200 $ 12 $ 122,400 10,200 $ 12 $ 122,400 15 17.000 16 272.000 [1] [2] [3] [4] [5] 29 21,000 [6] [7] [8] [9] [10] [11] [12] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula FIFO Average Sales $ 566,000 $ 566,000 Cost of goods sold Gross profit Operating expenses 184,000 184,000 Income before income tex ncome tax expense ( 30%) Net indome Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula.(Round "Cost" answers to 2 decimal places, eg. 1.25 and other answers to the nearest whole dollar, e.g. 5,275.) Purchases Cost of Goods Sold Date Units Cost Total Units Cost Total Oct. 2 10,200 $ 12 $ 122,400 15 17.000 272.ch E 21,000 10200 295200 Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula. (Round "Cost" answers to 2 decimal places, eg. 1.25 and other answers to the nearest whole dollar, eg. 5,275.) Cost of Goods Sold Ending Inventory Cost Total Units Cost 10,200 $ 12 10200 17000 10200 295200 Qing inventory Total Units Cost Total 10,200 $ 12 $ 122,400 10200 12 182400 295200 17000 394400