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What is cost of goods sold for sheffield company

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Reference no: EM132689838

Sheffield Company's inventory records show the following data:

                                           Units            Unit Cost.

Inventory: January 1    10500.               9.40

Purchases: June 18.          8800.         7.00

November 8                      5500                6.00

Problem 1: A physical inventory on December 31 shows 4200 units on hand. Sheffield sells the units for $15 each. The company has an effective tax rate of 18%. Sheffield uses the periodic inventory method. Under the LIFO method, cost of goods sold is

A) $25200.

B) $163900.

C) $130300.

D) $153820.

Reference no: EM132689838

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