Final answer:
Additional data besides COGS is necessary to calculate the ending inventory value for Sheffield Corp. The question cannot be answered with the information given. Regarding the self-check question, the firm's accounting profit last year was $50,000.
Step-by-step explanation:
To calculate the ending inventory value for Sheffield Corp., additional information beyond the cost of goods sold (COGS) is required. The COGS alone cannot determine the ending inventory as it is part of the equation that also includes beginning inventory and purchases during the period. Therefore, to calculate the ending inventory value, one would typically use the following formula:
Ending Inventory = Beginning Inventory + Purchases - Cost of Goods Sold
Since only the COGS is provided, this question cannot be answered without further information on beginning inventory and purchases. As for the self-check question regarding a firm's accounting profit, the formula to calculate accounting profit is:
Accounting Profit = Sales Revenue - Total Expenses Using the provided expenses of labor, capital, and materials, the calculation would be:
Accounting Profit = $1,000,000 - ($600,000 + $150,000 + $200,000) = $50,000
Therefore, the firm's accounting profit was $50,000 last year.