Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its...

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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 Aug. 2 Purchases 244 $73 $17,812 244 3 Purchases 492 102 50,184 736 10 Sales (293) 443 15 Purchases 936 115 107,640 1,379 25 Sales (331) 1,048 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold$ Ending inventory $ 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 Aug. 2 Purchases 244 $73 $17,812 244 3 Purchases 492 102 50,184 736 10 Sales (293) 443 15 Purchases 936 115 107,640 1,379 25 Sales (331) 1,048 (a) Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold$ Ending inventory $

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